The old adage is that when someone retires, the husband would be henpecked to death at home (remember Richard begging his boss to let him stay, rather than go spend all day with Hyacinth in Keeping Up Appearances?) Or there’s the common story of a man who has a cardiac arrest while mowing the lawn, because he’s not used to slowing down.
In fact, retirement can be a good thing! If you’re 60 or 65, you could have another 30 or 40 years ahead of you! Slow down, take nature walks, make new friends, become a volunteer dog walker, read books, listen to music and learn to cook!
Embracing New Hobbies and Interests
Whether you learn to grow your own organic food or take up yoga, retirement is the ideal time to take up those hobbies you always meant to, but never found the time. This is also a great way to keep your mind, body and spirit in good health, for later years.
If growing food, use no-dig gardening and fruit protection bags (over netting, which can trap birds and wildlife). Learn how to create pet-safe gardens (use humane slug/snail deterrents). Avoid facing indoor foliage to gardens, to help stop birds flying into windows.
Whether it’s painting a landscape or knitting a scarf, artistic activities enable you to express your creativity. They’re accessible to everyone and require little more than a willingness to explore new techniques and styles.
Who says you need to travel far to be adventurous? Discover hidden gems close to home. Museums, parks, and local eateries can offer new experiences, often overlooked, right in your backyard.
Volunteering and Giving Back
Volunteering brings a sense of purpose and connection. It positively impacts both the community and your mental health.
Charities and non-profit organisations frequently need volunteers. Whether it’s helping at a local food bank, supporting animal shelters, or assisting in community events, your time and skills can make a difference to those around you.
Travel and Exploration
Retirement Rebel is the story of Siobhan Daniels, who made the decision to step off the merry-go-round of life and enjoy her own slow journey, and live on her own terms. She sold up, packed up and hit the road with no real plan on a positive-ageing adventure, knowing that retirement could be the start of life, rather than the end of it.
With no shortgage of mishaps along the way (she began just before being ordered to stay at home during the pandemic lockdown), her story can inspire us all to make simple lifestyle changes.
How to Sort Out Your Pension (simply)
One good thing about retirement is that you get a pension from the government. It’s not much compared to some other European countries, but at least it’s a safety net for most. However it’s very complicated (depending on your national insurance contributions) and of course, many people also get pensions from private companies they retired from.
The state pension varies (often dependent on National Insurance contributions). So ensure you are getting additional benefits and disability benefits) as this could make a huge difference, and you have to apply to receive them. And if you ask, you often get up to 3 months backpay if you were unaware such benefits were available.
Billions go unclaimed by vulnerable people, so please do check for others, who have no knowledge or Internet access – often people are entitled to hundreds of pounds more per month, without knowing it. Also read the help our carers tag for more help, if you need care or are a carer in your later years.
You don’t have to stay with the same pension provider. You can switch to an ethical pension so your funds are being invested wisely. Around £3000 per pension holder is invested in fossil fuel companies that is making the climate crisis worse.
Why invest in fossil fuels, which could destroy the planet that your grandchildren take over? Make My Money Matter reports that £2 out of every £10 in the UK is invested in companies linked to global deforestation, mining, logging and tobacco. Which collectively chop down 10 million hectares of trees each year. Sign their petitions to make the changes.
Ensure You Are Claiming Pension Credit
Around 900,000 pensioners are presently not claiming for Pension Credit. Often because they don’t know about it, have no Internet access to apply, or are proud (older people tend to often not claim benefits). Consumer champion Martin Lewis recently said ‘Make just one phone call and you could be around £11,000 a year better off’.
So if you know someone who is struggling, take round your laptop or phone and fill in the forms online for them, this will bring their income up to £218.15 a week (or to £332 for couples). There is even more financial help for people with disabilities or carer responsibilities, and could literally take someone from living in poverty, to living a relatively comfortable lifestyle. Those who pay ground rent and service charges in flats can also get help.
And once someone is on Pension Credit, he or she will get Winter Fuel Allowance automatically, along with a host of other benefits like free TV licenses (if over 75), free prescriptions, dental treatment and glasses, transport costs to hospital appointments, and help with energy debt.
Some people could be entitled to up to £8000 a year, yet right now could be living in a freezing cold home, too scared to put the boiler on, due to lack of income. The money is sitting there to help vulnerable people, so ensure they get it.
To qualify for Pension Credit does take into account present income and savings over £10,000, so just go through the forms with anyone you know, as it can be complicated, which is why many people don’t bother to apply.
But the benefits are worth it, on a huge scale. Some local councils also run a Household Support Fund, to help people who are struggling with household bills. Also join the Big Energy Credit Claim Back.
Need Equity Release? Contact a Debt Charity
Equity Release is often touted as an option for those on a budget. It enables people to ‘release’ income from owned homes to free up cash, so they can have a better quality of life (the companies then receive the cash back, when you downsize or die). Sounds like a good idea, but be very careful. StepChange (a debt charity that offers free advice for those considering) has the following tips:
- Don’t pay for equity release advice (from £500 to £2000) as they can offer it for free, from qualified advisors who have nothing to sell (the charity is funded by industry).
- First look at other solutions. Downsizing to a smaller home, selling items no longer needed at auction and living a simpler life may give you all the benefits of a better quality of life, without getting into bed with equity release companies.
- As listed above, ensure you are claiming all your benefits (which often has knock-on effects to giving you other free stuff like home improvement grants, free travel etc). Combined, all of these may negate the need to free up cash in the first place.
- Involve your family and friends. Often people who go to equity release companies don’t tell relatives, who are shocked to find their older relatives have financial problems. By sitting down and explaining the issues, you’ll likely find that most loving relatives will talk you out of it, as they are more interested in you being happy, than inheriting when you die.
Margareta Magnusson was born in Sweden, somewhere between 80 and 100 years ago! She worked for many years as an artist and wrote Döstädning: The Gentle Art of Swedish Death Cleaning (an encouragement to get rid of unwanted junk before you die, so relatives don’t have the emotional stress of going through mountains of stuff, when you’re gone).
