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DID YOU KNOW?
| Back To Categories | | Pensions / Retirement | | | | Q. | Pensions and pre-retirement planning. | | A. | Source: www.direct.gov.uk
Planning for your retirement is important. You may look forward to your retirement as a time when you can have the freedom to do what you want, or as the time you will be rewarded for working all your life. Before you retire, it's worth planning your finances to make sure you get the most out of this time in your life.
When retirement's on the horizon, you'll be thinking of your pension and financial planning. However, your complete retirement from work or changing work patterns – such as becoming a part-time or temporary worker – will also mean changes in your lifestyle, and it's important to consider the emotional and practical implications of these changes.
Retirement is a challenging new phase in life. While it ranks high on the scale of stressful life events, it also provides the opportunity to enjoy a new lease of life. You are likely to enjoy the freedom to develop new interests but on the other hand may feel lonely, isolated and bored at times. An important step is to plan your goals and work towards them.
If you're still working, why not ask about retirement preparation programmes, perhaps including different working options? Some employers provide a programme of seminars, workshops and useful information for future reference.
The way you feel or are viewed by others can change with retirement. Paid employment is considered to give you status, a role, income and purpose as well as having a group of people with whom to share it.
The changes involved in retiring can be rewarding and positive or stressful, confusing and frustrating. It's up to you how you adapt. You may wish to seek the support of those around you and specialist organisations, to enjoy a fulfilling and rewarding retirement.
Retirement may also bring you together with your partner 24 hours a day. That's a challenge for any relationship, but one that can bring you closer together. You might like to plan for your retirement together and find a way to enjoy the extra time.
Is your pension adequate? If you're still working, it's not too late to catch up. Are you considering full-time, part-time or temporary work, or are you considering returning to employment? From April 2006 there are new pension rules to consider. There is already an option to defer your State Pension in return for a higher weekly payment or lump sum. For pension-related queries, speak to a financial adviser or contact The Pensions Advisory Service helpline on 0845 601 2923.
Extracts taken from:
| | | Directgov - the official government website for citizens |
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