Unsure of What You’ll Do When You Stop Working? Check Out These 9 Retirement Ideas

After a working life of knowing what you’ll be doing every day, it can be challenging to understand how you’ll spend your time in retirement. Therefore, check out these nine retirement ideas to give you some inspiration. 

Travel More

According to the Financial Times, there is an increased desire to travel for the over-50s. Moreover, no destination seems too far or exotic for these seasoned adventurers, with bookings ranging from Iceland to Indonesia. Wherever you want to go, there should be plenty of travel options for you in your retirement years. ABTA data from 2018 shows that the over-75s are the group more likely to travel alone. Also, the number of solo travellers in the 55-64-year-old group had risen from 11% to 17%. Of this latter group, around 40% had aspirations of forging new friendships while on their travels. Travel providers are rushing to cater to these senior travellers. If you don’t yet know how to find such travel options, you can try looking at events such as Destinations. Here, you’ll have access to a wide range of specialist travel companies that can assist you. 

Have Quality Family Time

You may have initial thoughts about enjoying your retirement free from the pressures of having family around the home. However, your retirement years provide you with an opportunity to create new family memories. So-called “3G” or multi-generational holidays are an excellent way to enjoy some family time together, away from the pressures of everyday life. You might decide to visit some family living overseas or organise an extended family gathering. There is also a potential financial benefit to spending time with family during your retirement. If you are under sixty-five and look after a grandchild under twelve, you could fill any gaps in your National Insurance contributions. To get the full State Pension, you must have contributed for thirty five years. If you’ve had gaps due to illness or unemployment, looking after a younger grandchild can help bridge these. You can check if you are eligible by visiting the gov.uk website. 

Continue Working Part-Time

Although retirement used to mean completely giving up work, it’s becoming more common for retirees to do some part-time work during their retirement. In 1998, around 20% of 60-64-year-olds were in full-time employment, and today that figure has risen to one-third. Almost twice as many women (27%) than men (13%) choose to work part-time in their sixties. Recently introduced pension freedoms have made part-time work an option for many people in retirement. Having access to your pension pot from fifty-five enables you to taper off your working life. You might even consider asking your current employer if you could take on a part-time role leading into your retirement or even extending your employment through part-time work.  

Walk More

Walking is an excellent form of exercise, and it is generally free. You can find a walking group near you by visiting the Ramblers website. If you want to walk through some of the most beautiful settings in the UK, the National Trust offers reduced memberships to the over-60s. Exercising a dog brings a new dimension to your walks, and if you enjoy dog-walking, you can use the Borrow My Doggy website to find dogs needing to be walked. In addition to improved health, walking is an excellent social activity. Getting outside and going for a walk will help you meet other walkers and improve your social life.

Exercise Your Brain 

You are never too old to learn something new, and there are plenty of opportunities for you to exercise your brain. OpenLearn is one such portal, and it offers courses in a wide variety of subjects ranging from mathematics to music. What’s great about these courses is that you can learn at the pace that suits you. As well as an abundance of online courses allowing you to gain formal qualifications, there are also plenty of opportunities to exercise your creative flair. Your local library is an excellent place to find local courses in crafts such as woodwork, jewellery-making, sketching, and so on. Perhaps hook up with one of your friends, and you can start a new hobby together. 

Do Some Volunteering

Volunteering is a great way to keep busy, make new friends, and help others. There are plenty of opportunities to help out your local community, get involved in the broader project, or assist with a cause you hold dear. Sadly, there is no shortage of people needing help, and providing even just a little help will go a long way. Perhaps you could give some support to carers or do some fundraising for your preferred charity. One thing is for sure, you will not be stuck for choice in the causes or issues to help. 

Relocate to a Sunnier Climate

Moving abroad is a popular choice for many people in their retirement. However, it is not always the case for their families, who perhaps see your retirement as an opportunity for babysitting, transport, or gardening duties! Although you might face some initial reluctance from family, when they realise they’ll have the opportunity for subsidised holidays in the sun, they generally come round to your way of thinking. Bulgaria, Spain, and Portugal are some of the most popular retirement relocation spots for the over-65s. However, before you say farewell to UK shares, ensure you check your welfare and healthcare rights. You should also check how emigrating may affect your State Pension, and you can check this on the gov.uk website.  

Become a Blogger or Vlogger

Opportunities from the digital revolution do not exclude anyone, regardless of their age. You may initially think this is more applicable to your grandchildren, but you should perhaps open your mind to becoming a blogger or vlogger. You have decades of work and life behind you, and you’ll have amassed an incredible amount of skills and experience in that time. You can guarantee that someone will benefit from what you know, and you’ll probably be surprised just how many people that do. Try starting a blog or vlog (video log) and tell the world about what you can do. Who knows, you could be the next Joe Rogan!

Get Comfortable

According to YouGov, around 28% of UK citizens believe they won’t have sufficient money set aside for their retirement. Worse than this is that 15% are adamant they won’t. These figures are alarming, but there are plenty of things you can do to prepare your finances for your retirement years. One of the most significant measures you can take is regularly checking your pension to ensure it is performing as anticipated. Poor performance, high charges, or both may mean your pension is being eroded without your knowledge. Therefore, you must check it so you can take any remedial action as soon as possible. Failure to do so could mean that you have insufficient income to maintain the lifestyle you desire when you retire. If you are thinking about your pension and retirement, view the guidance at Money Helper.

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