You may not think you need help to know how to spend retirement. You might have spent every day for the last few years imagining everything you will do and now you have your Teachers’ Pension – you are going to go for it! However, it is surprising how much of a sense of grief people feel when they first retire. To help with the transition, here is a list of ten ways to get started with your retirement.
Travel with your Teachers’ Pension Lump Sum!
Remember in the morning briefing when a postcard would be read out from a newly retired colleague. You would be just starting a new academic year of teaching, and they would be on a beach in Australia. Maybe this is your time to bring this pleasure to your colleagues, using your Teachers’ Pension lump sum for a luxurious, lifetime holiday.
Buy a motor home
You are free! Retirement means you can go anywhere at any time. Why not celebrate your newly found freedom by buying a motor home. You may not want to splash out on foreign holidays, but maybe this is the time to explore the beauty of the British Isles.
Do some home DIY
We don’t mean catch up on all those jobs that got shoved aside while you work, though you could do these too. What we really mean is to come up with a project that will exercise your imagination and creativity and get some of your passion flowing again.
Go for long walks
It is important to keep active and to experience the world around you. Newly retired people often feel a sense of dislocation and loss. This is normal. Reconnect with the world again by getting out into nature. There are lots of walking groups out there – it could also be a great way to meet new friends and other people who are newly retired.
Invest your Teachers’ Pension and start a business
If you don’t feel ready to be put out to grass, then this might be the time when you can start that business you have planned for years. You may think you could offer some tutoring, or do some freelance writing, or maybe open a florist – who knows – but you have an income from your pension that can take the risk out of your potential idea for a business.
There are lots of people that need your skills. You are someone who likes to give back, and you always have been. If you volunteer, you can achieve this sense of fulfilment. It will also mean you can get out and meet new people and learn new skills. Your local library usually holds a list of volunteering opportunities in your community.
Offer to babysit
You may miss children. Really, you might. You could always offer to look after your grandchildren or relatives’ children. You can keep that wonderful connection with young people that have sustained you so far… and you can give them back when you have had enough. Win-win.
Learn something new
The best way to keep your mind and body alive is to learn something new. You could learn to paint, to play the piano, to speak a foreign language, to manage woodland, to write, and more. You could see retirement as the beginning of a new phase, as opposed to the end of your career.
Start a blog
You could always make your retirement into an adventure by blogging about it. By writing one or two blogs a week about how you are spending your new freedom, you can inspire others. You will always prompt yourself to do something interesting with your time, so you have something to write about.
Join a fitness group
As well as keeping the mind fresh, you should also work on the body. You don’t have to do anything too rigorous, maybe yoga or Pilates, but at least you are maintaining your physical wellbeing.
The content in this article was correct on 14th March 2019. You should not rely on this article to make important financial decisions. Teachers Financial Planning does not offer advice on retirement planning but can help with the financial planning for retirement. Please use the contact form below to arrange an informal chat with an advisor and see how we can help you.