Annuities Explained

No more early alarms. No more meetings. No more deadlines. Sounds great doesn’t it? But what if retirement isn’t all you pictured it to be? For many of us, work can be a source of purpose and identity, and when you give up your career you can begin to feel a bit lost. While you may enjoy some well-deserved relaxation during the beginning of your retirement, the novelty can soon wear off, leaving you thinking “what now?”

The good news is that although your career may have ended, there’s still plenty of life left to be enjoyed! Here are a few ideas to keep you busy now you’ve got more time on your hands.


Join a club

When you stop working and can no longer nip over to a colleague’s desk for a quick natter over a cup of coffee, you may notice your social circle beginning to shrink. Joining a local club can be a great way to get out there and meet some like-minded people. Does the idea of joining a local AmDram society take your fancy? Or perhaps a book club is more your cup of tea. If so, head down to your local library for some information on local activities to get involved in. If you can’t find the sort of group you’re looking for, why not start your own?

Learn a new skill

Whether you want to learn to play musical instrument, speak a new language or take up photography, retirement offers a perfect opportunity to explore the interests and passions you may have had in the past but didn’t find the time to act on. You may find it worthwhile to join a local group to learn a new skill or maybe enrol on a formal learning course online. You’re never too old to add a few strings to your bow!

Stay active

While retirement may be an opportunity to slow down a little, you don’t want to stop altogether. We’re not suggesting you start running marathons or entering CrossFit competitions! What being ‘active’ means differs from one person to the next. So, if all you can manage is twenty minutes of gardening or a few laps of your local pool, you can still reap the benefits that come from being physically active, such as improved wellbeing and increased cardio-vascular fitness.

If you’re not in great physical health, have a chat with your GP who should be able to discuss your exercise options with you, including some simple and safe exercises you can do from the comfort of your own home.

Volunteer

A study by Skipton Building Society looked at the most common reasons for boredom in retirement, and the top answer was that 54% of people miss the camaraderie that comes with working. By volunteering for local charitable causes, not only can you regain that sense of solidarity by working with a team of like-minded people, you can use the skills you’ve acquired over the years to make a difference to the lives of others. Think about what charities or local initiatives are important to you and get in touch to see if they need an extra pair of hands. Many charities have dedicated pages on their website, explaining the volunteering opportunities available. It may also be worth taking a look at volunteeringmatters.org.uk, the UK’s volunteering and social action charity that has a retired and senior volunteer programme (RSVP) for those aged 50 and above.

See the world

According to Skipton Building Society, more than a third of retirees feel their days have become repetitive now their careers have ended. So, what better way to mix things up than packing your bags and heading off to explore pastures new? So, if relaxing on a 3-month cruise holiday around the world is your scene or if you’d prefer to soak up the culture on an extended adventure to Asia, visiting foreign climes is a great way to expand your horizons and see what the world has to offer!

Preparing financially for retirement

Retirement can last for 30 years or more depending on when you retire and how long you live, so it’s important to plan financially for this stage of life. The last thing you want is to spend your money too quickly leaving you struggling further down the line. So how can you secure enough income to live out your retirement comfortably?

One option for those who need a guaranteed income is to convert the pension pot built up over the years into a regular income by buying a lifetime annuity. A lifetime annuity pays a regular income for the rest of the purchasers life, no matter how long they live.

AnnuityReady is a quote and apply service that allows comparison of lifetime annuity quotes across the whole of the market. AnnuityReady is designed to save you time by comparing quotes for lifetime annuities, so you may secure a higher income for your pension savings.