0808 164 1111

Planning for Retirement

When you start planning for retirement it can seem like there’s an overwhelming amount of things for you to consider. From the need to review your finances, to figuring out how you’re going to stay active and social – it is important to ensure you are happy and content with your lifestyle.

At iHus, we understand how important and challenging planning to retire can be, so we’ve created this retirement advice post covering all the things you need to know to really make the most out of your golden years.

Planning For Retirement – A Journey of Self-Discovery

Often, a comfortable retirement is seen as a goal for people to build towards while they are in their careers – marking an end to their working life. However, a more beneficial and accurate way of looking at retiring is as a new beginning.

It is a time of open-ended self-discovery and an unprecedented opportunity to freely explore passions, activities and ventures – both old and new. Retirement is different for everyone, and so it’s important to think about what you’d want yours to look like.

Be it a focus on personal growth through completing college courses and evening classes, or taking advantage of senior specific holiday packages to satisfy your dreams – creating a vision for what you’d like to achieve will help you to create a plan and make things happen.

It’s important not to be too strict on this though. People tend to live longer now and retirement is becoming an increasingly significant portion of people’s lives. Planning what you’re going to do for what could be upwards of 20 years is daunting and so, while it’s important to have some idea, it’s also vital to allow yourself room to explore.

Fighting Fit for Years to Come

Planning for retirement isn’t just about what you’ll do or whether you can afford it – there’s benefits to being proactive about your physical well-being too. It’s important to be prepared for future changes to your health and getting on top of it early can ensure you have the best quality of life possible in your golden years.

It’s worth getting a full health check-up before retiring to know your risks – but steps, such as frequent exercise and regular massages to improve circulation and mobility, will allow you to have greater freedom and more prolonged independence in your retirement.

Though it’s not just your physical health that can be improved with regular exercise – it also helps foster a positive mentality that can prove essential for people who are afraid by the emotional aspect of retirement.

Healthy Body, Healthy Mind

For many, the thought of retiring is comparable to reaching some kind of promised land where the days of early starts, long hours and stressful career responsibilities will be a thing of the past. The reality, however, is often very different from those expectations.

Studies have shown depression numbers are high in recent retirees, as giving up work involves a huge psychological shift – particularly if a career or powerful position has been largely informing your identity for many years.

It’s never too early to be proactive about your mental health – and wellness activities such as going on walks or meditating are great ways of achieving it. Setting yourself goals, and doing this regularly, also helps establish a routine and give your days more significance – so absolute freedom doesn’t seem quite so daunting.

Staying Social

When planning for retirement, it’s also crucial that you understand how ending your employment could significantly restrict your social circle. Sharing contact details with anyone you’d like to stay in touch with before leaving is a way to stave off loneliness – a major concern for the older generation – though it’s important to also consider some more long-term measures.

The number of people living alone in the UK has increased by a fifth over the last 20 years, rising to a figure of 8.2 million – with just under half being people over the age of 65.

Keeping social in retireement

In contrast, a third of UK households are now multi-generational, with older relatives being accounted for by 14% of these arrangements. Many retirees are choosing to move back in with children, in three or sometimes four generation households, for additional support. What’s more, options like granny annexes are allowing them to move back into a familial support bubble while still retaining their independence.

Preparing Financially for Retirement

Preparing for retirement is truly a lifetime’s work – so doing your own research, as well getting some professional support and guidance, is crucial. Pensions need to be applied for and, if you’ve previously worked multiple jobs, then you may have several to chase up.

State pensions are also complex and it can be hard to know exactly what you’ll get and when. Using an online pension or retirement calculator is a quick and simple way to tackle this and get an estimate on the income you should expect to receive.

It’s a good idea to track your current expenditure and calculate some cost of living predictions before you retire so you can see if your pension will provide you with sufficient coverage. Weekly living costs, capital for home renovations and money for leisure activities or travel are all examples that would need to be factored in.

Happy couple in retirement

If you’re considering retirement, having some practice could also be extremely beneficial – reducing work hours, taking a sabbatical or switching to a consultancy position would give you an opportunity to test the waters and see if you can retire comfortably.

Speaking with a financial advisor could also help to give you peace of mind that you would be financially able to finish working. Research shows that while 61% of over 55s intend to retire without taking advice, those that do save an average of £98 more per month and an additional income of £3,654 every year.

Speak to iHus

At iHus we have helped many people that have been in the same place you are now as you make plans for retirement. We can help you with advice from the people who have been there and done it. Speak to our team today and we’ll be happy to help.

Recent Articles

Quick Links

Find out more...

Check out our planning permission or your money-back pledge
Built to the highest quality with a huge range of options
Book your viewing of an iHus near you

Send for your free iHus granny annexe brochure

Simply add your details below, click send, and we’ll forward your beautiful brochure.

Recent Projects

Williamson bespoke granny annexe

Jenny Williamson

The Williamsons family moved into their Annexe over 3 years ago. When visiting the family they told us life in their new home exceeded their expectations for many reasons. So much so, they wanted a...
hamm

Wendy Hamm

In Autumn 2020 Wendy Hamm and her family approached iHus as they were contemplating an annexe build in their back garden to house Wendy’s mother. Wendy’s mother Jane, 82, was living over an hours d...
ihus elf 4

McCoy

This idyllic annexe is home to Theresa and Austin situated at the bottom of their daughter and son in law’s garden. Having always lived very closely to one another, the family were convinced this w...
1

Esher

This 1 bedroom bespoke Annexe is home to a family from South Africa, their Annexe has enabled them to live in an area that they love close to their beloved family and grandchildren. Find out how th...

Download our iHus annexe brochure

If you would like to download our annexe brochure please complete the form below. You call also request for a copy to be posted to your home address. Have any further questions, why not request one of our team get in touch?

Download our iHus annexe brochure

If you would like to download our annexe brochure please complete the form below. You call also request for a copy to be posted to your home address. Have any further questions, why not request one of our team get in touch?

Talk to an expert

Whether you’re looking to build a garden annexe, or just have a quick question, get in touch with us today and one of our friendly team will get back to you.

Get in touch with iHus

If you want to speak to one of the team about how Multi-Generational Living can be achieved by building an annexe. Complete the form below.

Download our Annexe Financial Guide

If you would like to download our annexe finance guide please complete the form below. Have any further questions, why not request one of our team get in touch?

Download our iHus annexe brochure

If you would like to download our annexe brochure please complete the form below. You call also request for a copy to be posted to your home address. Have any further questions, why not request one of our team get in touch?