We have many options for the type of retirement lifestyle we choose.
Do you dream of retiring overseas to start a new life?
Or perhaps you are quite content to enjoy a simple retirement spending time enjoying what you've already got?
Or perhaps the thought of giving up your job and not working fills you with horror and you're just happy to keep the status quo.
For many of us the type of retirement lifestyle we choose will probably depend on our financial position, but there are other factors that could have a bearing on it. Not everyone wants to give up working.
According to a recent survey carried out by Aviva a third of pensioners claim they were pushed into retiring by their employer because they had reached the retirement age for their firm.
Government plans to abolish the default retirement age in April 2012 could lead to a big increase in the number of baby boomers delaying retirement or giving up work gradually by going part-time.
If we have a life expectancy of another 20-25 years a retirement lifestyle of doing nothing in particular can seem very daunting to many of us.
According to statistics given by the Department of Work and Pensions nearly a fifth of people living in the UK today are expected to celebrate their 100th birthday. 1.3 million baby boomers between the age of 51 and 65 are included in those figures. So instead of a life expectancy of 20-25 years following retirement some of us could be facing 40 years of retirement!
We tend to think of our retirement lifestyle of one without work but that doesn't have to be the case. If you have unlimited funds and you have plans to embark on a life of holidays then go for it.
However I have met many people who have looked forward to giving up their job and within a few months, they miss not only the salary, but the social contact and more importantly they miss having some sort of purpose to their life.
Let's consider some retirement lifestyle choices that we could make now the rules of retirement are changing.
If you are lucky enough to be in a job that you love and that you are physically still able to do then to defer your retirement could benefit you both financially and socially.
If you decide to carry on working and defer your state pension. For every 5 weeks you defer claiming your state pension you can earn 1 per cent increase. If you defer taking your state pension for a period of 12 months or more you can choose to receive a one off lump sum payment or an increased pension payment.
For more information on deferred pensions click here.
For many baby boomers the best way to ease yourself into your retirement lifestyle is to retire gradually. If you enjoy your work then discuss your options with your employer to see if there is a possibility of reducing the hours or numbers of days you work until you're ready for full retirement.
You may even consider changing your job within the company to a less demanding role. If you reduce your hours of work then you will have the option to either draw your pension or defer it.
If you wish to carry on working check out your pension options here.
If you really hate your job or you have a very physical job that you
can't continue with then think about doing something completely
different either full or part-time. Even in the current economic climate
in the UK today there are still jobs out there if you're prepared to be
There are still employers who value the knowledge and skills that the more mature worker can bring. Don't forget if you are going to be subsiding your pension you could afford to look at jobs with a smaller salary to gain more job fulfilment.
Many baby boomers are using their retirement lifestyle to start up their own business Perhaps you would like to become a baby boomer entrepreneur. However a word of caution it is not the time of your life when you want to be taking risks. Choosing a business that is low risk from home is probably a safer option.
Have you a hobby or passion that you can turn into a business? Or perhaps you could sell your knowledge and skills as a consultant.
If work is not an option for you but your retirement lifestyle has left you feeling a little lost and without purpose then perhaps you could consider doing some kind of voluntary work.
There are so many opportunities out there for those who can spare a few hours or days a week. For those who are yearning for adventure why not consider volunteering for a programme abroad. That way you get to do some travelling and help out in a really rewarding project. Check out the Voluntary Worker site for ideas and inspiration.
Retirement doesn't have to be boring. You can make it anything you want.
Your story really CAN change the life of another baby boomer. Your experience may just help with those life changing decisions we are sometimes called on to make.
Click on the links below to read the Retirement Lifestyle Dreams and Challenges of fellow baby boomers. They were all written by other visitors to this page.
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