What to expect when you retire
When retirement is on the horizon, you'll think about your pension and finances. Your retirement or a different work pattern, such as becoming a part-time or temporary worker, will mean changes to your lifestyle.
Changes to your lifestyle – what to expect
Retirement is a challenging new phase in life. While it ranks high on the scale of stressful life events, it also provides the opportunity to enjoy a new lease of life. You are likely to enjoy the freedom to develop new interests but on the other hand may feel lonely, isolated and bored at times. An important step is to plan your goals and work towards them.
If you're still working, why not ask about retirement preparation programmes, perhaps including different working options? Some employers provide a range of seminars, workshops and useful information for future reference.
Age NI campaigns to highlight the potential of the retirement years. Age NI's handbook, 'Time for Retirement' covers finances, travel and holidays, health and community involvement.
How retirement may affect your roles and relationships
The way you feel or are viewed by others can change with retirement. Paid employment is considered to give you status, a role, income and purpose as well as having a group of people with whom to share it.
The changes involved in retiring can be rewarding and positive - or stressful, confusing and frustrating. It's up to you how you adapt. You may wish to seek the support of those around you and specialist organisations, to enjoy a fulfilling and rewarding retirement.
Retirement may also bring you together with your partner 24 hours a day. That's a challenge for any relationship, but one that can bring you closer together. You might like to plan for your retirement together and find a way to enjoy the extra time.
Financial and legal planning
Is your pension adequate? If you're still working, it's not too late to catch up. Are you considering full-time, part-time or temporary work, or are you considering returning to employment?
Pension rules changed in April 2006. There is already an option to defer your State Pension in return for a higher weekly payment or lump sum. For pension-related queries, speak to an independent financial adviser who is registered with the Financial Conduct Authority (FCA).
- Financial planning for retirement
- Pensions in the workplace - Money Advice Service website
- Financial Services Register (FCA website)
How to spend your new leisure time
You'll need time to adjust to your retirement. Whatever you decide to do, you may find that you'll want to keep or develop interests, stay active and maintain a regular structure to your day.
Develop hobbies and interests
If you have access to the internet, there are websites devoted to interests and hobbies, from gardening or sports, to bird watching or dancing. You may like to share your hobby with others, and it's worth thinking about joining associations like Outdoor Recreation NI or U3A (University of the Third Age).
- Internet use and computer training for over-50s
- Outdoor Recreation NI
- University of the Third Age (U3A) in Northern Ireland website
Doing things for other people
Voluntary work can be a satisfying way to use your skills and expertise to benefit others. Volunteer Now website has more information.
- Become a coach or mentor
- Guide to volunteering for over 50s
- Volunteering opportunities for over 50s on the Volunteer Now website