Retirement -Do not dread it

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Author: Joan Douglas

Age is creeping up and you are slowly but surely reaching that magical figure of 65 if you are a man and 60 if you are a woman. What is so propitious about these figures? That's the age when you officially retire. Once you retire, you can look forward to the freedom of not having to wake up everyday to a mundane 9 to 5 job. You can now do all the things you've always aspired to, but couldn't because you were so busy at work. There is travelling to places you've never been, cruises you've always dreamt of but never had the time for, or maybe even curling up in bed with a good book, while the whole world goes about its business. The current trend is towards more and more people wanting to make enough money and retire at a younger age. Even before they start their journey in the working world, they have already chalked out their lives with the intention of retiring as early as 45 and 50. If asked why this urgency to retire, the general reply is that there is so much to see and do, they don't want to spend their entire lifetime behind a desk, or slogging for so long that they don't get to enjoy the fruits of their labour. Why then are there some people who dread retirement? Is it because there are no wages to look forward to at the end of every month, and the pension is nothing to write home about? Have people planned and saved enough for their retirement? It is important to study out the different pension plans and avail what's available to your benefit. The different Pension Plans are • State Pensions • Personal Pensions • Company Pensions There are other benefits of retirement, and even though your income will now be less than when you were working, you may be eligible to get some financial support in addition to your state pension. Here are a few: • Cold weather payment will cover extra heating costs during periods of extremely cold weather. • Winter fuel payment will help with fuel bills and are normally paid around Christmas. • Crisis loans are interest free loans if help is needed with an emergency or personal crisis. • Community care grants are available if you need financial aid to live independently, and you don't have to pay back. • Funeral payments provide for aid if you're arranging for someone's funeral. This is a one-off payment and you may need to repay some or all of it. Retirement can be stressful, both financially and emotionally for some. Instead of seeing retirement as ominous, look at it as a fresh start and a new lease on life. There is no need to battle with feelings of rejection and low self-worth and no need to panic over the loss of the monthly income. Be positive and banish negative thoughts.

Joan Douglas writes about equity release and other mortgage solutions.