Enjoying your retirement
When you retire what are you going to do? It's daunting to think about how you'll fill your days when you're used to being busy at work.
What other work could you do? Could you volunteer? If you don’t need to continue working for financial reasons, but you’d like to keep working in some capacity, consider working as a volunteer. You can still use your skills and experience, while giving something back to the community.
Not ready to fully retire yet? Is semi-retirement an option? Many older part-time employees stay with the same employer, so it’s worth asking if flexible or part-time working is an option. You can still claim your pension and continue working but if your income exceeds a yearly threshold, you’ll start to lose some of your age allowance (the amount you can earn before paying tax). Consider deferring claiming your State, private or occupational pensions, as it could reduce your tax burden and let you enjoy a higher pension later.
Have you always wanted to learn to speak French? Or still wishing you’d keep up with the piano lessons? From languages to degree courses, it’s never too late to learn. It doesn’t need to cost the earth, as sometimes there may be cheaper rates for older students. Make sure you ask. Take a look at age.uk for more ideas.
Never had time to travel? If your budget allows, maybe you could plan the trip of a lifetime. Or maybe you could just visit somewhere local you've never been before. Not sure how you'd pay for it? Set a budget before you retire and think about what's affordable and realistic.