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Retirement – Have you had that thought, will you make it?
19th June 2025
Or are you putting it off and not thinking about it?
In the hectic world we live in, they say that there are only two things that we should take for granted, death and taxes. However as you get older and you go through the birthday milestones like 40 or the big five O, there is a realisation that you are getting older and that one day is going to be your last day at work.
Of course that is in the dim and distant future and many things may happen between now and then. The point is you have thought about it, many may not have done.
Most will retire at the statutory retirement age which over the last 30 years, seems to be creeping up. However for some, retirement age may come earlier due to a number of reasons. Family, health or perhaps the loss of a loved one changes any preconceived ideas you might have.
We all may wish to gaze into a crystal ball, hoping to find some clues on how life is going to pan out for the next 10-20 years. Somehow when you reach the ripe old age of 50, this is when priorities and the realisation that you are getting older stares you in the mirror.
At the age of 50 you may start thinking about the end game of retirement. Yes, you always knew a colleague who has been planning it since they were 20 years old, but your time has now come.
We all know that you should start planning your retirement as early as possible, but let’s face it, life gets in the way. You have made family and or career choices. Now that the children are starting to grow up, you can start to get time to think about yourself and your family. You also start to think how life may progress towards that inevitable day that will come (whether you personally make it or not).
We have all heard the expression: time seems to go faster than when we were kids.
It doesn’t matter where you are regarding to your age and the time to retirement, you can mostly always influence and improve your retirement situation,
Planning and Preparing
- Pick a day and go through all your paperwork, your pensions and think about your wishes. We all may dream of travelling and visiting far flung places and having the best time of our lives, but is this a wish or a reality?
- Current Situation Find out where you are today, if life goes on well when will you actually retire, note down that date. Are there any governmental changes planned nearer that time, which could influence the actual retirement date? Look at the UK government website https://www.gov.uk/state-pension-age
- Collate what you have What private and public pensions do you have? Bring all this information into one file, whether that be digital or in a paper form. Are there gaps or can you not find all the information? Are there gaps? Then address this by contacting the relevant companies and authorities.
There are websites who can help you track down an old or lost pension such as https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-problems/tracing-and-finding-lost-pensions - National Insurance Pot In the UK you can look at your National Insurance contributions online at https://www.gov.uk/check-national-insurance-record. At the time of writing you need 35 years of full national insurance contributions, in order to receive a full UK state pension.
- Current Assets What equity do you have? Do you have a house, a flat, investments or savings? If so, note them down. What you are trying to do is build up a picture of your position come retirement age. Unfortunately we live in a world where families split and divorce happens. If the worst was to happen, where would that leave you?
Your Options
Once you have built up a picture, then you can start looking at your options:
- Money You are used to earning a salary of x per year, which will dramatically reduce when you retire. How you you going to cope/afford the day to days?
- Personal Try to think outside the box, what is going to be important to you personally in retirement?
- Health before wealth, how many times have you heard that?
- Reality Put a stake into the ground, think “this is where I am today.” and then “this is where I would like to be when I retire”. Now is there a gap? If so is how can you decrease this gap?
Stop! Reality Check time
Retirement planning can be very emotional. The realisation that the retirement dream may not happen and that you realise you may have to keep working as long as possible.
Firstly if you are in a relationship, the retirement burden could be halved so to speak. Has your husband, spouse or partner put their stake in the ground to see where they would be at retirement?
A few Deep breaths later may reveal that everything is on track as a couple or indeed the fear that your retirement may not be as good as you had thought.
So what else can you do?
- Save As easy as it may be in a cost of living crisis, try and put some money away for a rainy day.
- Additional income Are you able to use your skills or expertise to earn an additional income? Maybe by turning a hobby into a business.
“I have no skills or expertise” I hear you say. Wait, you have been working for the last 20-30 years and you have no expertise? A company may be employing you to do a job, of course you have a lot more expertise and experience, than you think. - Shop for better deals If you have a mortgage, can you get a better mortgage rate to save you money on the interest payments.
- Run the dishwasher and washing machines on their ECO settings, yes it takes longer but you should use less water and electricity.
- If you like tea and coffee, boil the kettle one and put the boiling water in a thermos flask, saving you electricity during the day.
- Buy Smarter Can you shop smarter, eg buy in bulk or change supermarkets. A few other good tips such as shop to a shopping list & plan meals.
Look at tips and tricks online, for example changing internet/utility provider. You may have been with them for years and have always given you a good service. But be selfish here. - More money If you are working within an organisation could you get a pay rise? If not can you move organisations to get a better salary?
- Financial Advice Speak to a Financial adviser about your plans. An independent FA could you get a better rate of investments. but do bear in mind that investments can go up or down.
- Benefits Do you qualify for any benefits, i.e. Pension credit, carer’s allowance? You can find out more information by clicking https://www.gov.uk/browse/benefits
- More in / Less out Maximise your savings and reduce your outgoings as much as you can as you approach the age of retirement. This will help build up your savings nest egg.
- Concessions Can you get concessionary discounts? This may be a train pass, bus pass https://www.gov.uk/apply-for-elderly-person-bus-pass or tickets to exhibitions.
Some older people can get free travel on local buses – contact your local council to check your eligibility and apply for a bus pass https://www.gov.uk/apply-for-elderly-person-bus-pass
Once you have reviewed your situation, it is worth reviewing it again on a yearly basis. By doing this, you can track changes and relook at your situation.
What do we need in retirement?
- People around us whether they be friends or family.
- A plan When the big date comes, you execute the plan. Do you really want to sit on the sofa and watch daytime television every day? Every time I see something interesting on television or in newspapers and magazines,
I make a list & call it my Retirement List or Things To Do in my retirement. - Purpose You still need a reason to get out of bed in the morning. We hear of stories of people who worked like trojans, then feel lost and helpless in retirement.
- Hobbies You now have a lot of free time, so make it count. This may involve clubs, groups, friends, neighbours and people nearby.
- Exercise If you are able to, keep as fit and healthy as you can. This may be as simple as going for a walk every day (or every other day). There is also a trip to the swimming baths, or perhaps a walking group.
- Community If you have lived in an area for a length of time then get involved in the local community. You may have opinions that could shape the community going forward.
- Volunteer Similar to community, but if you are fit and able to do so, give something back.
Conclusion
Don’t bury your head in the sand. Do the maths and see what pops out, that way you can make choices going forward. In the event that you don’t make it to retirement and the worst was to happen, having all your information in one place will help friends and family find all the policies and help them deal with your estate.
Rentasenior www.rentasenior.co.uk is a UK based platform designed to connect skilled individuals aged 50+ with people in need of their expertise. Whether you’re retired, semi-retired, or looking for flexible jobs for older people to boost your income, this is your opportunity to showcase your talents and support your local community.
Disclaimer: The above text is for discussion only, Rentasenior doesn’t provide Financial or Pension Planning Services.
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