While many people planning for retirement tend to think about their finances – drawing from pensions, sorting out appropriate life insurance, paying off the mortgage for example – money is only one side of the retirement story. Older people also need to think about how to lead an interesting, fulfilling life after putting the days of full-time work behind them.
So, what options are available to you when you retire?
Working part-time
While the amount of hours involved in full-time work may not longer appeal to you, the prospect of going back in to work on a part-time or interim basis may be a rewarding prospect. For instance, if you have a hobby that could potentially be turned into a business, you could embark on a new business venture straight from your living room. You could even earn a little bit of extra cash to top up a pension.
However, turning a hobby into a business venture is not easy. You’ll need to discover whether you have the right accounting or marketing skills to turn your hobby into a fully-fledged business project. On the other hand, discovering and learning new tricks of the trade is part of the fun and, as you’re retired, you’ll have a lot of time on your hands to educate yourself!
Becoming a volunteer
If managing accounts and re-jigging balance sheets sounds like a nightmare, involving yourself in volunteer work could be just as satisfying and rewarding. Volunteering is a fantastic way to meet like-minded people and form new friendships along with helping out those less fortunate than ourselves.
Volunteering is also a good way to build personal growth and such schemes tend to leave a lasting mark on the volunteer. Volunteering can also deliver a sense of accomplishment and recognition, especially when helping out in a sector close to your heart.
Overall, volunteering is about making a difference to those who need it and many projects which hire volunteers are extremely grateful for your time and effort.
Playing sport
Retirement also delivers a fantastic opportunity to practice a sport. However, taking up a new sport or re-learning an old one is not just about beating your friends in competition; playing sport is also important to maintain fitness and health.
Whether you enjoy fishing, golf, tennis, biking or any other sport, retirement opens up a lot of options. Those wanting to learn a new discipline can even book lessons in their chosen sport; with enough training, you’ll soon be able to beat your friends in a friendly competition!
Furthermore, figures from the National Cancer Institute suggest those who engage in leisure-time physical activity had life expectancy gains of as much as four and a half years. Physical fitness can also improve agility, balance, coordination, reaction time, power and speed; essential component when trying to maintain health during old age. Engaging in sport can also improve cardiovascular endurance and muscular strength.
Overall, these are just three suggestions of a plethora of activities that can be performed during retirement. However, everyone is different; what will you choose?
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