How Downsizing Can Make Your Retirement Lifestyle Better [Infographic]

Share

The pressures of the workplace are long gone, the chicks have flown from the nest and you’ve got weeks and weeks of glorious time stretching ahead of you – yes, it’s fair to say that retirement has its positives.

However, as one of the biggest turning points in people’s lives, retirement can also seem a scary prospect – you’re no longer tied to routine, you have less responsibility, and you may be unsure what to do with yourself at first. But, once you find your feet, you’re bound to realise that life is about to change for the better.

Our golden years offer us the chance to come into our own, reclaim our lives and reward ourselves for decades of hard work. But how exactly are retirees in the UK using all their free time? Far from twiddling their thumbs, this infographic from Audley shows they’re up to all sorts of exciting activities.

One of the biggest things retirees must consider, though, is whether their current property meets their new lifestyle. And, as they begin to spend more time doing the things they love and seizing new opportunities, changes such as downsizing to a smaller property start to make sense.

New Lease Of Life

When we retire, our priorities shift. Family, hobbies and holidays become more important while looking after our homes becomes less so. It’s not that retirees stop caring about their houses – rather, the prospect of downsizing and spending less time worrying about maintenance becomes too good to miss. This isn’t the only benefit of moving to a smaller home, as the money saved from making this change can open up all sorts of lifestyle opportunities, and enable you to lead a much more comfortable – luxurious, even – retirement. Not to mention all the time you’ll save on doing the housework!

It seems that, when we reach retirement age, we want to spend less time focusing on the upkeep of our homes and gardens, and more time enjoying ourselves – and quite right, too! According to the infographic, when it came to what over-55s were spending their spare cash on, a quiet, retiring lifestyle was far from their minds. Instead, their favourite pastimes included jetting off abroad, eating out and going shopping, with travel, in particular, becoming a priority for the years ahead.

Optimism vs Pessimism

Whether you think the glass is half empty or half full could be an indicator of how you plan for your future retirement. The infographic found there were significant differences between optimists and pessimists when it came to their attitudes to their retirement and financial situations, but also in terms of the properties they owned and how much time they spent looking after them.

Are you an optimist or a pessimist? What are your plans for your home when you reach retirement? Check out the infographic for more information on how life is changing for over-55s across the UK.

How Downsizing Can Make Your Retirement Lifestyle Better

Click Infographic To Enlarge

Downsizing Retirement Lifestyle Infographic

Downsizing Retirement Lifestyle Header

Downsizing Retirement Lifestyle

IMAGES: [WYZA] [LPSD]

Bit Rebels

Share

How Old Were You When You Started Saving for Retirement? 

Share

How Old Were You When You Started Saving for Retirement? 

“Save early and save often” is the mantra of just about every personal finance expert. But we all get started on our retirement savings journey at different times. When did you start and what prompted you to do it?

Every year counts. Wells Fargo’s retirement study found that working Americans age 55-59 had saved three times as much as those age 60 or older, simply through the power of compound interest and starting earlier. (The 55-59 group started saving at an average age of 31, while those 60 and older started at an average age of 37.)

If you are or were late to the game, though, and short of how much you should have saved by now for your age group, there are still ways to catch up, from being a bit more frugal so you can make catch up contributions to adjusting your asset allocation for more risk (which, obviously, involves more risk).

Advertisement

Let’s share when we started, the things that jump started our retirement planning, and what we’re doing at this point (whether trying to catch up or just coasting along).

Photo by aag_photos.

Lifehacker

Share