42% think they’ll be bored in retirement. Learn 4 common retirement worries and how to overcome them

When you think about retirement, you might dream of the trips you’ll take, the time you’ll get to spend with your family, or the hobbies you’ll be able to pursue.

But at the same time, it’s natural to feel some uncertainty, whether it’s about how you’ll spend your newfound free time or if your savings will be enough to support the lifestyle you want.

It’s important to remember that these concerns are completely normal, and taking steps now can help provide stability and give you peace of mind, both now and in the years ahead.

Read on to find out about four common retirement worries and how you can overcome them.

1. Running out of money

One of the most common concerns about retirement is the fear of running out of money.
Indeed, a recent study reported by Pensions Age found that 53% of UK adults surveyed worry their retirement savings won’t last.

One effective way to overcome this fear is to define what your ideal retirement looks like, create a budget to support your goals, and then set targets to help you achieve them.

While some factors will always remain outside your control, such as your lifespan, planning early may help improve your confidence and preparedness for retirement. And the sooner you begin, the better, as you’ll have more time and flexibility to make adjustments along the way.

A financial planner can help you determine your retirement goals and then build a long-term plan to work towards them. They can use cashflow modelling to create projections based on your desired lifestyle while also accounting for external factors such as inflation, life expectancy, and market fluctuations.

2. Feeling bored or lost

After decades of working regular hours and following a clearly defined routine, the transition into retirement can be challenging, as you may suddenly find yourself with far more free time than you’re used to.

According to Actuarial Post, 42% of Brits surveyed worry about feeling bored in retirement. Work can provide structure, purpose, and even a sense of identity, so it’s entirely normal to feel uncertain or lost when that routine comes to an end.

One way to ease the transition is to move gradually into retirement rather than stopping work all at once. Phasing your retirement can help you build a new routine and sense of structure at a comfortable pace, as opposed to dropping you in the deep end.

As you slowly begin to explore your free time, you might want to build your days off around exercise, social activities, or volunteering. Retirement can also be an opportunity to rediscover hobbies you left behind, learn something new, or simply spend more time with your family and friends.

However you choose to spend your time in retirement, the key is to try not to enter it without an idea of what you want to do. Start with one regular activity and slowly build up until you’ve found a new, fulfilling routine.

3. Health deteriorating and having to pay for care

As you grow older, changes in health are a natural part of life.

While there are many steps you can take to maintain your wellbeing for longer, it’s also important to prepare for the possibility that you may need additional care. Planning ahead can help ensure your care arrangements and funding remain aligned with your wishes.

When it comes to improving your long-term health, the guidance from health professionals is generally simple:

• Stay physically active and do both cardio and resistance training.
• Maintain a healthy diet.
• Avoid smoking and limit alcohol.
• Keep your mind active by learning new and challenging skills, such as a language or musical instrument.
• Maintain strong social connections.

Always visit the NHS website for health advice.

These habits can help improve both your longevity and quality of life throughout your retirement.

Preparing for potential care costs is also important, and this is where a financial planner can help.

They can work with you to build the costs into your long-term plan, which might include growing your savings or exploring suitable options for funding care. They can also help you understand how care costs may affect your estate.

Moreover, they can help you register a Lasting Power of Attorney to ensure that someone you trust can make decisions on your behalf if you are ever unable to do so yourself. This can be particularly important when it comes to care decisions.

4. Feeling lonely

Loneliness can affect people at any stage of life, but it can be particularly common among older people. This may be because they live alone, are no longer near their family, or don’t have the same social network they once did.

Even if you have a partner and your family lives nearby, life can feel lonelier once the daily interactions of work end.

As such, it’s entirely natural to worry about feeling lonely in retirement.

One of the most effective ways to reduce this risk is to begin building strong social routines while you’re still working. Meeting a friend on the same day each week, going to a class or club, or spending time with your grandchildren can all help build regular connections that can continue into retirement.

There are also many groups specifically set up to build community among retirees, and you may want to begin exploring these in your area at the tail end of your career. This can help ensure you have things in place when you’re ready to step away.

Get in touch

A financial planner can help you create a plan that ensures you have the freedom and flexibility to enjoy the retirement you’ve always wanted, helping you feel more informed and prepared.

To speak to our team about retirement planning, get in touch.

• Marnel Stafford: email Marnel.Stafford@fosterdenovo.com or call 07305 970959
• Ryan Edwards: email Ryan.Edwards@fosterdenovo.com or call 07591 758136

Alternatively, you can call us on 0207 469 2800.

Please note

This article is for general information only and does not constitute advice. The information is aimed at individuals only.

All information is correct at the time of writing and is subject to change in the future.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

The Financial Conduct Authority does not regulate estate planning, tax planning, Lasting Powers of Attorney, or will writing.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

Your pension income could also be affected by the interest rates at the time you take your benefits. The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation, and regulation, which are subject to change in the future.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.