Pending retirement is one of those milestones that changes people. It makes us look back at our lives to reflect upon achievements and sometimes failures. It makes us look forward to what is to come. It is no longer the case that someone who retires in their sixties is senior. There are more sixty years old than ever before travelling, sailing, skydiving and living an adventurous retirement. This is due to an increase in life expectancy and better healthcare.
So what does pending retirement do to us. We reflect upon the here an now, our past and present as a whole. Depending upon our previous outlook in life we may choose to continue to progress, develop and achieve in our retirement, following a previous career or changing direction. We may look to spend more time with the family, looking after the grandchildren and enjoying the time with them that perhaps we could not do so much with our kids because we were working. We might want to travel and explore. But, whatever we choose to do it needs to be with sensible advice and planning behind us.
There will be a reduced income as you will not be working. Your pension will need to be reviewed several years before you actually retire. This needs to be carried out by a pension's expert to make sure it is done in the right way for you. You may need to consider claiming state benefits if your income reduces considerably; pension credit, council tax benefit and housing benefit may be needed to help you make ends meet. It is an opportune moment to review where you live. Do you need a house the size you do or is it time to downsize and free up capital to make life easier for the future. Also, is your house fit for you for the next 30 years, as it has been for the last 30? Are you going to struggle with stairs in a two storey house? Is the garden too big? Do you need as much space?
Retirement is an opportune moment for reviewing your will and preparing lasting powers of attorney, Particularly if you are looking at taking up adrenaline sports in retirement! It also about being aware of the what if, what if you become unwell and cannot live independently. Have you even thought about it?
Whatever you choose to do in retirement make sure you do not blindly walk into is unprepared. It is, after all the next chapter in your life so why not live it well.