Is the definition of retirement out of date? How to make the most of your retirement

The term ‘retirement’ generally evokes connotations of withdrawal, seclusion and even loneliness. But is this how you really feel about retirement? Our latest research reveals otherwise, with more than half (56%) of retirees claiming the very definition is out of date.

Retiring naturally means you’re time rich, and many retirees are taking full advantage of this and living life to the fullest; fulfilling their ambitions, seeking adventure and socialising more. Two thirds (67%) of retirees are spending more time with their families since leaving work, a quarter (25%) have taken up a new hobby, while 43% spend more time with friends now, and 41% are clocking up stamps on their passports by travelling.

When you’ve worked all your life, it’s time to use your retirement to kick back and enjoy the fruits of your labour. Therefore, it’s important that we’re all saving for retirement from a young age and starting to build those nest eggs so we can all live life in retirement exactly as we please. Whilst 70% of recent retirees are confident they have enough money to get through retirement comfortably, we’ve outlined five top tips to ensure you can take full advantage of your retirement!

1. Know what you need
   By checking your monthly outgoings for essentials such as bills and food against your pension and any other savings, you can set out a clear budget to cover your hobbies and holidays. In addition, try and see if there are ways to cut down on your monthly outgoings. You might be paying for a service you no longer use for example, or maybe you can save money on your energy bills by swapping providers. 

2. Look for deals
   Ticking things off your bucket list can come with a hefty price tag, but there are usually great bargains to be sought on voucher code or holiday discount websites for out of season dates, or times that people who work cannot travel. Whether it is a weekend in the Lake District, a road trip round America or even a wing-walk, you can get the best price for your adventure by looking for a deal!

3. Increase your income
   Four percent of recent retirees have decided to go back to work, and seven percent are tempted to, but if you don’t want to go back to the 9-5 there are plenty of other ways to get a little extra cash. Could you rent out your spare room on AirBnB? Or if your dream is to travel during your retirement why not try your hand at travel blogging? Who knows, you might be the next big travel blogger – check out Dodgy Knees for some inspiration!

4. Cut backs and car boots
   Take a look at your weekly expenditure and ask yourself if there is anything you could cut back on or get for less by shopping around. Even the smallest changes to your budget will really add up and get you one step closer to your retirement dreams. Also, why not have a clean-up and hold a car boot sale? It’ll force you to get rid of the clutter you may have built up over the years, and also make some money in the process.

5. Keep making your money work hard
   Just because you don’t have a regular pay packet coming in each month  doesn’t mean you should stop saving, or looking at ways in which your money could go a little further while its sitting in the bank. Our Freedom Savings Account, offers a competitive rate, with unlimited withdrawals or alternatively if you don’t mind locking your money away for up to three years, check out our Fixed Term savings range.