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Changes to your lifestyle – what to expect

Retirement is a challenging new phase in life. While it ranks high on the scale of stressful life events, it also provides the opportunity to enjoy a new lease of life. You are likely to enjoy the freedom to develop new interests but on the other hand may feel lonely, isolated and bored at times. An important step is to plan your goals and work towards them.

If you're still working, why not ask about retirement preparation programmes, perhaps including different working options? Some employers provide a programme of seminars, workshops and useful information for future reference.

Organisations like Age Concern and Help the Aged campaign to highlight the potential of the retirement years. Age Concern's handbook 'Time for Retirement' is a useful starting point. It covers finances, travel and holidays, health and community involvement.

• Age Concern Opens new window
• Help the Aged Opens new window

How retirement may affect your roles and relationships

The way you feel or are viewed by others can change with retirement. Paid employment is considered to give you status, a role, income and purpose as well as having a group of people with whom to share it.

The changes involved in retiring can be rewarding and positive or stressful, confusing and frustrating. It's up to you how you adapt. You may wish to seek the support of those around you and specialist organisations, to enjoy a fulfilling and rewarding retirement.

Retirement may also bring you together with your partner 24 hours a day. That's a challenge for any relationship, but one that can bring you closer together. You might like to plan for your retirement together and find a way to enjoy the extra time.

Financial and legal planning

Is your pension adequate? If you're still working, it's not too late to catch up. Are you considering full-time, part-time or temporary work, or are you considering returning to employment? From April 2006 there are new pension rules to consider. There is already an option to defer your State Pension in return for a higher weekly payment or lump sum. For pension-related queries, speak to a financial adviser or contact The Pensions Advisory Service helpline on 0845 601 2923.

• Financial planning for retirement (money, tax and benefits section)
• Review your pension plans on the Financial Services Authority website Opens new window

How to spend your new-found leisure time

You'll need time to adjust to your retirement. Whatever you decide to do, you may find that you'll want to keep or develop interests, stay active and maintain a regular structure to your day.

Many museums and galleries, theatres and cinemas, gardens and golf courses and craft exhibitions offer reduced ticket prices for over 60s. Or you can attend BBC and ITV free shows. There are cheap bus and train tickets to get you there too.

• Bus passes
• Senior Railcard

Develop hobbies and interests

If you have access to the internet, there are websites devoted to interests and hobbies, from gardening or sports, to bird watching or dancing. You may like to share your hobby with others, and its worth thinking about joining associations like the Ramblers.

• Internet use and computer training for over 50s
• Ramblers Association Opens new window

Doing things for other people

Voluntary work can be a satisfying way of using your skills and expertise for the benefit of others. The Retired and Senior Volunteering Programme website has more information.

• Become a coach or mentor
• Retired and Senior Volunteering Programme (RSVP) Opens new window

More useful links

• Managing money (money, tax and benefits section)
• Guide to looking after yourself