The Ultimate Guide to Prepare for Retirement

Retiring is an equally exciting and terrifying prospect. You’ll have more time to yourself with no work commitments, but there is so much to consider and so many …

Retirement Planning

Retiring is an equally exciting and terrifying prospect. You’ll have more time to yourself with no work commitments, but there is so much to consider and so many ways to prepare before getting to that point. From figuring out how much you need to save to deciding on suitable accommodation, there’s a lot to think about.

The list below is by no means exhaustive in terms of what you need to do to prepare, and we advise seeking out a more comprehensive Retirement Guide. However, the topics discussed below should help you understand the aspects you need to consider and prepare for a comfortable retirement.

Savings

Arguably the most important step in preparing for your retirement is saving enough money to live a comfortable and enjoyable life. This is why it’s so important to start saving as soon as you possibly can.

Retirement Fund

Throughout your life you need to make sure that you are consistently saving money into a retirement fund. It’s not advisable to stop or pause, even when you take on big expenses like a wedding or a new home.

Pensions

Your employer should have a pension plan in place that makes sure you’re saving a portion of each paycheck towards retirement. This is usually optional, so it’s vital that you understand the importance of contributing to it so you don’t decide to opt out.

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There will be a set amount based on your income that the company advises you put away, but this is not a limit. You can put away as much as you see fit, so don’t be shy about adding some extra funds to it if you are able to.

Restraint

You also need to restrain from dipping into the pot. If you decide to create your own pension savings plan rather than doing it through your employer it’s very tempting and easy to take from it when you think you need to. This is a big mistake that will quite literally cost you down the line.

Accommodation

When you retire, where do you want to be?

Do you want to live in a retirement community full of your peers? Stay in your current home? Or move to a more secluded location where you can live a quiet life?

Whatever your retirement accommodation aspiration is, it’s not going to appear out of thin air.

Research

Take some time to research your options. This is the only way you can be sure of and confident in your final decision.

Knowing what type of place you plan to live in during your retirement helps guide the rest of the preparation. This will help you calculate exactly how much you need to save, and it will also give you a good idea of the lifestyle you can expect when trying to emotionally prepare.

Where you live has a massive impact on your life, especially when you’re not rushing out to work everyday. Take as much time as you need to figure out the best option for you.

Emotional Preparation

Retiring after a long working life is equally scary and exciting. You’re no longer at the mercy of your boss or company and can do whatever you like on your own schedule, but you also have much less structure in your life – unless you create it yourself.

Many people find themselves bored and some even slip into depression in retirement if they don’t have ways to keep them occupied and stimulated. Don’t let this be you!

The drastic change will take some adjusting and adapting, but there are plenty of ways to make it even more fulfilling than your working life.

You can finally take up hobbies and delve into new interests that you never had time for before. Instead of having the mindset of, “What am I going to do with myself?”, think, “What am I going to do first?”

Bottom Line

Preparing for retirement is a lifelong process that requires your attention, so make sure you’re aware of everything you need to do to plan for it and get going as soon as you can.

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