9 things to consider when you’re thinking about retiring

Decisions surrounding when, why, and how you retire will be very personal and will largely depend on your individual circumstances. These decisions will also be impacted by external factors such as the rising State pension age and the impact of the recent pandemic on the job market.

If you’re thinking about retiring in the next few months or years, chances are, you’ll have plenty to consider before you do. You might also find yourself wondering whether retirement is the right choice for you at all – especially as one in three people are now planning to work beyond the State pension age, and because many people who retire later decide to return to the workforce.

When considering your retirement options, it can be helpful to put together a plan in the months or years leading up to your retirement to help you navigate this new life stage with confidence.

One of the key considerations (and rightly so) that most people make before they retire, is whether they can afford it. However, the emotional impact of retirement is also incredibly significant, as the process typically involves closing one life chapter and beginning a new one.

For some, the contents of this next chapter might already be very clear, but for others, it can be foggy, and they might experience a loss of purpose and identity.

The important thing to remember is that there are no right or wrong answers when it comes to deciding when or how to retire. At one time, retirement was seen almost exclusively as a chance to wind down, and people tended to stop working at the retirement age set out by their employer or the State. 

While many people are still choosing to retire at their State pension age, others are using their retirement period, not necessarily as a chance to slow down, but as an opportunity to try something new. For example, to make a complete career change or to start their own business venture.

Some people are also choosing to retire in stages, which might start with working part-time hours or committing to new ventures that offer more flexibility and freedom.

Below, we’ve put together a list of nine key things to consider when you’re thinking about retiring. Hopefully, these will help you to explore and write your own definition of retirement and make the most of whatever comes next.

Author: wpadmin

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