We keep reading in the news that we must start saving for our retirement now, while we’re still young. Although it seems like a long way off, it’s actually a sensible idea – if sensible is your thing that is. Most us don’t want to start thinking about paying into a pension pot, but if you do, paying for your retirement will be a whole lot easier, especially if you want to live comfortably. According to the Money Advice Service “to have an income of £20,000 a year in retirement, you would need to put aside roughly £250 a month from the age of 25. Wait until you’re 35, and this figure goes up to a little more than £400 a month”. Scary stuff right.
So, you’re going to spent decades getting up early, going to work and saving for your retirement (that is, unless we end the capitalist society we live). But what do you do when you actually retire? Well luckily it doesn’t have to be full of cliched activities like small gardening projects, slow-paced hobbies such as knitting and watching old reruns of countdown on the telly. Indeed, nowadays the current retirement age of 66 isn’t all that old, especially since many of us can expect to see the other side of 90. As such, many of us still have an long later life ahead to be enjoyed. With this in mind here are 4 IDEAL retirement ideas for making the most out of later life.
EMBRACE YOUR PASSION
Have you always wanted to be an artist but you don’t have the guts to leave your 9-5 and give it a go. Or maybe you have a passion for cooking and have always dreamt of training as a chef. Or perhaps you’re longing to be your own boss and to see where an entrepreneurial idea might lead, but don’t have the finances behind you right now. Then do it when you retire. Embracing your passions is a marvellous thing to focus one’s attention on in later life and is a chance to give those long-repressed dreams an actual go.
INVEST IN A HOLIDAY HOMES
While this one depends on that aforementioned pension pot, since you’ve been working all your life, isn’t it time to go on holiday – perhaps forever? If by the time your retire, you’re lucky enough to own your own home, but have always dreamt of living by the seaside or in the countryside, then why not sell up and follow that dream? Many older people look at Lake District holiday lodges for sale in order to escape cities and towns to enjoy the tranquility and utter beauty offered by more secluded natural vistas. Holiday lodges, static homes and shared complexes in these destinations also benefit from a real sense of community, bringing together people of a certain generation into new groups of friends. Holiday homes aren’t necessarily going to break the bank either; they’re often offered on a shared basis so that you’re able to dip in and out of upkeep responsibilities.
WORLD TRAVEL
Everyone’s heard of the retired couple who remortgaged their home to up sticks and travel the world. And hopefully, we’ll be right behind them come retirement age. Indeed, after a lifetime of working, retirement should be the big payoff and what could be bigger or better than exploring the entire globe?
VOLUNTARY WORK
Hands up if you feel time poor right now? We feel you and we’re not the only ones. Half the population reckon they are time poor, with three quarters of Brits saying they are too stressed to have a good time and 40 per cent stating they spend most of their time working and juggling household chores. Unfortunately, this means that many younger people can be deterred from volunteering because they feel like the don’t have the time. While it’s important to volunteer at all ages, when you retire and have more time on your hands, the ability to volunteer and help others gets a little easier. Now we’re not telling you not to volunteer when you’re young, just that you can do more of it when you retire.
