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Not realising your retirement dream?

When you think about retirement, what do you think of? If you’re imagining a chance to relax or release some adventurous spirit after a long period of working, you may be disappointed if a recent survey is anything to go by. But there are ways you can ensure your retirement reality matches more up to your dreams.

More than half (59%) of people expect to still be working in their retirement, and only 21% believe they will be able to spend their time relaxing, according to a survey by online community Retiresavvy.co.uk.

However, it’s not only finances that’s driving this continued activity. The survey also found the average retiree gets bored of life in retirement just ten months after leaving work, and will often look for other ways to fill their time.

Two in ten (21%) also admit they will be too busy to put their feet up, as they will be helping those closer to home by providing regular childcare for their grandchildren, and even caring for their own parents.

If this sounds disappointing, don’t let it be. Boredom or financial difficulties can be alleviated with a few of these ideas.

Five ways to have your dream retirement

1. Consider volunteering

For a lot of us, our self-esteem and our social lives are tied up in our work. Take this away, and it takes some adjustment. But, like 16% of those surveyed, you could consider helping others through volunteering instead and put your skills to good use.

2. Plan carefully

Of course, most people’s incomes are going to take a hit in retirement, as they move from a monthly wage to living off a pension or other retirement salary. A third of retirees (31%) admitted they struggled to cope without their monthly wage packet. If you’re coming up to retirement swiftly, then there are still things you can do to boost the amount you will get.

3. Use your home as a source of income

Do you own your own home? If so, it may represent a large proportion of your wealth.  You may be able to access some of this by using equity release. In effect, this means you receive a loan now, which gets paid off later when your home is sold if you move in with relatives or into care, or on your death.

A less far-reaching way of generating an income from your home is to take in a lodger if you have the space. Under the government’s Rent a Room scheme, no tax is charged on the first £7,500 a year you earn from a lodger.

4. Brush up on your benefits knowledge

Are you failing to claim the benefits you are entitled to? From help with heating costs, to bus passes, a free passport and a free TV licence, there are lots of benefits you may not realise you can get.

5. Make the most of your free passport!

Now is the time to travel away from the 9-5 drudgery. There are plenty of companies who cater for people in retirement, or if you don’t quite feel at that stage yet, there are lots of alternatives too. Take the time to enjoy the process starting from the point of grabbing a bunch of travel brochures, and you’ll soon find your boredom will go away.

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  • BIZOZA Innocent / 2 June 2016

    I need someone to explain me