With retirement right around the corner for an increasing number of workers, we thought it would be a good idea to take a look at the most common misconceptions about retirement. From the belief that you won’t spend as much money once you retire, to the idea nothing really changes after you’ve left the workplace, we’re uncovering the top retirement myths, and giving you a more realistic overview.
Retirement: The six things you’ve got all wrong!
From the belief that you won’t spend as much money once you retire, to the idea nothing really changes after you’ve left the workplace, we’re uncovering the top retirement myths, and giving you a more realistic overview.
You won’t need as much money once you retire
This is a misconception that’s been floating around forever, with many people still under the impression that when you retire, you’ll easily cut down on the amount that you spend. While it’s difficult to put an exact number on the amount that you’ll need to have saved up for your retirement, it’s likely that you’ll be spending more than you think.
If you’re living in a house with no mortgage and you’re no longer funding children or family members, it’s easy to assume that those savings will significantly cut down your overall outgoings. However, what many people forget to factor in is that retirement often comes with a more active lifestyle, which inevitably costs more. And if you’re at home more, you’ll be using more electricity, water and gas than before, not to mention seeing more wear and tear on your home furnishings and fixtures.
Even if you’re not planning on spending more time socialising, eating out, going on holiday, or joining local social clubs and groups on a regular basis, there are still other financial considerations to plan for. For example, even though most healthcare is covered by the NHS, some medication, prescriptions and even some health tests may cost extra. As you get older you may also need to pay for personal care and help around the house.
In later years, many people also need to refit their home to make life easier, with items such as handrails or fitting carpets over wooden floors.
You’ll have lots of free time to fill
When we conjure up images of what retirement might be like, we tend to picture ourselves with all the free time in the world. And while this might be the ideal scenario for some people, others might find themselves feeling overwhelmed at the thought of having so much free time on their hands.
The good news is that if you are worried about this, you probably won’t have as much free time to fill as you think. By the time you factor in tasks such as general home maintenance and admin, visiting (or hosting!) friends and family, and participating in any hobbies or activities that you enjoy, you’ll probably find yourself with busy days and less free time.
Retirement means moving somewhere new
While many people do choose to relocate and enjoy their retirement somewhere new, this isn’t necessarily the norm. Of course it often does make sense to move closer to family or possibly somewhere the weather is warmer, but downsizing can also mean staying in the same place you’ve lived all your life.
For example you could move locally into a bungalow or flat. You’ll probably be surprised to learn just how many retirement properties are in your local area and that they are a lot nicer and less scary than you think. There are a lot of choices and looking into them early on will set your mind and your family’s mind at ease.
Nothing really changes once you’re retired
Some people believe that once they leave the workplace nothing will really change, and that except for not going to work every day, life will continue as normal. This is a common misconception, and it’s important to appreciate and understand the changes that will happen.
For some people, their daily routine may well have been the same for 30-40 years, so when the time comes to leave the workplace, it can take some adjusting. Planning ahead for this and researching ways you can keep your mind and body active are an important step towards a happy retirement.
You’ll find yourself with new priorities and daily activities, and as the time passes, you’ll be able to make a new daily routine – knowing that life will change after retirement, and embracing this change is essential to ensure that you stay stress-free and fulfilled.
Your health doesn’t need attention until much later in life
It’s never too early to start looking after your health, and it’s important that you’re not fooled into believing that your health won’t need attention until much later in life. By taking steps to keep your health in top form from the beginning, with regular exercise, a nutritious and balanced diet, and regular check-ups, you’ll be giving yourself the best possible chance of a healthy and happy retirement.
Keeping an eye on your general health, paying attention to irregularities, and seeing your doctor when you’re not feeling right, is essential and will help to manage any potentially serious health issues, allowing you to make the most of your retirement years.
Downsizing isn’t necessary
For many people who are approaching retirement or are already retired, the goal is to remain as independent as possible for as long as possible. This has led to the common belief that downsizing isn’t necessary, and that it will be easy enough to spend your retirement years in your long-term family home.
While this can be possible for some people, the reality is that downsizing is often a necessary step, and is one that can actually increase your chances of remaining independent. Downsizing your property is an easy way to reduce stress in your life, and if done early while you’re still reasonably fit and healthy, it can often offer huge benefits to your overall health and wellbeing into the future.
So there you have it – six of the most common retirement myths and misconceptions set straight. Retirement can bring some of the best years of your life if you’re prepared for them, so make sure that you follow the tips above and know what to expect!
For advice and other useful information on retirement properties, visit our tips and advice section or search for retirement properties here on the Retirementmove website »».
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