Here at Inspired Villages, we get asked questions about retirement all the time, so we’re here to answer some of the most frequently asked questions about retirement.
When can I retire?
There is no fixed age that determines when you retire; you can retire at any age of your life. However, if you decide to retire early, you may not be able to enjoy all of the benefits and perks of retiring at more traditional retirement age, like living in a retirement village or receiving your pension. If you do decide to retire early, make sure you are in a secure financial position to fund your retirement years before you decide to wave goodbye to the working world.
What is the retirement age in the UK?
In November 2018, the UK state pension age was 65 for both men and women. However, this is increasing, it is estimated that by 2028, the state pension age will be 67. The state pension age is being kept under review and can change at any time depending on various factors like life expectancy.
Do I have to retire?
Just because you have reached retirement age, doesn’t mean you have to retire. If both you and your employer are happy for you to continue working, then you can work for as long as you like. Working in retirement is a popular choice for many people, especially those that enjoy their job and having a routine, or you may just want to have a little extra money.
You may decide to continue working full time or you may decide that you want to switch to part-time work. You could decide to reduce your hours at your current job, or you may decide to switch up the type of job you are doing. Read our blog on some fun part-time jobs for retirees.
How much money do you need to retire?
This completely depends on the kind of life you want to live during retirement, research completed by Which.com said that you will need between half and two-thirds of the final salary you had when you were working, after tax, to maintain your lifestyle once you retire.
Read our blog about some key planning steps you should take to prepare for your retirement.
What to do in retirement?
You may be excited to retire but you may be feeling anxious about how you will spend your time. How you’re feeling is completely normal, whether you're excited or nervous or maybe even both. In short, you can fill your time in retirement with whatever you like, whether that’s day trips out, enjoying your hobbies or just simply doing as you please. If you are looking for some guidance or advice on how to spend your time in retirement then read our blog on how to spend your time in retirement and make it enjoyable.
Do you have to pay NI if you retire early?
National Insurance contributions finish when you reach state pension age, so if you do retire early, you will be required to pay contributions until you reach state pension age.
If you do work, then you have to pay National Insurance contributions until you reach state pension age. If you decide to work after you have reached state pension age, you will still pay income tax, if required, but you don’t have to make National Insurance contributions any more.
Can I rent in a retirement village?
If you are thinking about whether you can rent in a retirement village, the short answer is yes!
Traditionally, the majority of homes in retirement villages have only been available to people who were willing to purchase a flat or cottage. However, at Inspired Villages, we recognise the importance of providing people with options for the perfect home in retirement, and now offer a number of properties to rent in all of our retirement villages across the UK.
If you want more information on renting in retirement, then read our blogs on why renting in retirement is on the rise and why you should consider renting if you’re over the age of 80.
Are retirement villages a good idea?
Whether moving to a retirement village is a good idea or not completely depends on the type of retirement you want to live. There are many benefits to living in a retirement village, for example, increased security, a range of facilities to use, a greater sense of community, extra support, help to battle loneliness and it can provide a range of different housing options.
Moving to an Inspired retirement village
Here at Inspired Villages, we have many different types of retirement properties all over the UK; from Exeter to Warwick. If you’re looking to move and are considering a retirement village, we can help you find the perfect property whether you choose to downsize or not.
One of the best things about moving to one of our communities is that it is more than just a village, there are several other benefits including spas, pools, gyms, restaurants, and also a great sense of community.
If you’d like to find out more about us and the benefits and attractions of renting or buying a home in an Inspired village, get in touch today!
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