For many people, retirement is a much-anticipated milestone. It’s a time to stop setting your alarm clock, say goodbye to long commutes, and tick off some big bucket-list items.
But not everyone feels excited about this new chapter.
Retirement marks a huge lifestyle shift. It’s not just a case of buying a puzzle book and settling down in an armchair. A decades-long career comes to an end and daily routines are thrown out the window.
Life typically slows down. And for some, that can be scary.
So, if the thought of stopping work fills you with dread, you’re not alone. Retirement can be an emotionally challenging time as you establish a different lifestyle and search for a new sense of purpose.
But rest assured, your retirement is in your hands, and there are numerous steps you can take to help make sure the next chapter is relaxing, purposeful, sociable, and fun.
Read on to discover four ways you could help set yourself up to thrive in retirement.
1.Plan to be busy, not bored
As retirement approaches and your career ends, you might be asking yourself: “Now what?”
Not knowing how they’ll spend their time is a big concern for many pre-retirees. In fact, Actuarial Post reports that 42% of Brits surveyed are worried about feeling bored in retirement.
But, in many cases, boredom is a matter of choice. If you choose to sit around watching the plants grow, you might be bored. But if you fill your schedule with regular activities, you might find retirement far more enjoyable.
Once you’re retired, the world is your oyster. It’s your chance to try new things, enjoy what you love, and maybe fulfil a lifelong dream or two. Here are a few ways you might fill your days:
- Enjoy new and current hobbies: Spend more time enjoying existing hobbies or try your hand at new ones. Improve your golf handicap. Refresh your garden. Take up Morris dancing. Learn origami. Build a model railway. The possibilities are endless, so who’s got time for boredom?
- Build your knowledge: You could pursue new and current interests, throwing yourself into learning more about topics you’re passionate about. From watching documentaries and visiting museums to enrolling in classes and attending lectures, there are several ways you can enjoy education in retirement.
- See the world: Early retirement may well be the best time in your life to travel. Not only are you free from many long-held responsibilities, but you could still be in good health to enjoy seeing the world. So, book a cruise, go interrailing, or spend a fortnight on the beach. This is your chance to take the trips you’ve always dreamed of.
- Spend time with family and friends: Be sure to schedule some time with loved ones, too. Whether it’s coffee mornings with friends or regular quality time with your grandchildren, spending time with loved ones can be a great way to enjoy your retirement.
- Put your feet up: Downtime is just as important as keeping busy. So, to avoid overwhelming yourself, be sure to leave some time available to relax in front of the TV, read a book, or go for a walk.
If you’re worried about what the next chapter will hold and feel like you might get bored, it could help to consider the possibilities for enjoying your time. Making a list of things you want to do can help you visualise your retirement and look forward to it with excitement.
You might even want to start testing the waters now, such as by sampling some of the hobbies you may like to try.
2. Set yourself goals to help maintain a sense of purpose and achievement
After a lifetime of chasing achievements, from school grades to promotions, you might not be ready to abandon all ambition.
You may even be questioning what will get you out of bed in the morning or how you will feel useful in retirement.
It can be helpful to set yourself some goals to work towards. These can be as simple or ambitious as you like; the key is to give yourself a project or two to focus your energy on in your spare time.
For example, you might consider:
- Starting (or finishing) a DIY project: Working life is often busy, leaving little time for home renovations. So, you might set a goal of repainting the living room, building a shed, or fixing bits and bobs around the house that you’ve been putting off for years.
- Taking on a new craft project: If you enjoy getting creative, you might choose some craft projects, such as crocheting a blanket for a new baby or handmaking your own birthday cards.
- Try volunteering: If you’re looking for projects outside your home, you might consider volunteering with a local charity or club. This could help you gain the sense of purpose and fulfilment you’re looking for, while supporting a cause close to your heart.
- Work part-time: In some cases, you might not be ready to completely give up a career you’ve spent your life building. So, you could consider continuing to work on a part-time basis and phasing into retirement gradually. This could also help boost your retirement funds with extra income.
Whatever goals you choose, it’s important to find projects you’ll enjoy working on. After all, you’ve paid your dues throughout your working life, now it’s time to enjoy yourself.
3. Don’t be shy about socialising
For many people, work offers a regular opportunity to chat, have a laugh, and make new friends. As such, you might be worried about the sudden loss of socialising once you leave the workforce.
Indeed, the Actuarial Post reports that 42% of Brits are concerned they’ll feel lonely in retirement.
Rather than seeing retirement as a “goodbye” to colleagues, it might help to consider it an opportunity to meet new people with whom you share common interests.
Many of the activities listed above will include a social component, such as joining clubs and volunteering. As you start to visualise your retirement, it could be worth ensuring some of these more sociable activities are included to help keep loneliness at bay.
Additionally, you might consider adopting a pet in retirement. Animals can provide welcome companionship, particularly if you live alone. What’s more, activities such as walking a dog can create new opportunities to socialise as you meet fellow pet owners. If work has been holding you back from welcoming a furry companion into your home, retirement could be your chance to adopt your dream pet.
4. Prepare your finances for the retirement you want
Visualising your ideal retirement can not only help you prepare mentally for the next chapter, but it could also help you prepare financially.
According to Aegon’s 2024 survey, running out of money was the top concern for 45% of UK adults approaching retirement.
Of course, if you’re worried about making your savings last, it could be more difficult to relax and enjoy your retirement. If you’re not confident you have enough set aside, you might find you’re unable to do everything you’d hoped, such as travel.
But by defining what you want your retirement to look like early, you could set clear saving goals to help you realise your ideal lifestyle.
Once you have a clear vision in mind, you can start devising a plan to achieve your goals. The steps you can take to boost your funds will vary depending on how close you are to retirement, but you might consider the following:
- Increasing your pension contributions
- Claiming tax relief at your marginal rate
- Continuing to work full- or part-time beyond the State Pension Age
- Downsizing to a smaller property to release equity from your home.
By creating a comprehensive retirement plan tailored to your financial circumstances and goals, a financial planner could help you save and prepare for the retirement you’re dreaming of.
But it’s not just about building wealth before retirement. It’s also important to carefully plan your retirement income to ensure you draw from your savings sustainably and avoid running out of money.
A financial planner can support you with this in the following ways:
- Create a budget to help prevent overspending in early retirement
- Plan your total household retirement income together with your partner
- Manage your tax liability to avoid handing more over to HMRC than is necessary
- Evaluate your annuity options where appropriate
- Conduct regular reviews and adjust your income plan accordingly.
This means you can enjoy your retirement while also making your savings last.
Get in touch
For support with retirement planning, from defining your goals to creating a financial strategy and planning a sustainable income, get in touch with our team.
Email help@fourseasonsfp.co.uk or call us on +44 (0) 13 7240 4417.
Please note
This article is for general information only and does not constitute advice. The information is aimed at individuals only.
All information is correct at the time of writing and is subject to change in the future.
Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.
The Financial Conduct Authority does not regulate cashflow planning or tax planning.
A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.
The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.
Your pension income could also be affected by the interest rates at the time you take your benefits. The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation, and regulation, which are subject to change in the future.
