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Retirement Line is the UK's largest annuity broker*.

*Equifax Touchstone pension income and annuity sales figures 2018-2020

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How to enjoy life while earning in retirement

How to enjoy life while earning in retirement.

With the hype around auto enrolment in the UK, it seems that more and more Britons are now realising how crucial it is to not only have enough money in their pension pot for their post-working life, but also know how to enjoy that retirement when it comes. 

You may wish to continue working even while you are retired, or at least past the State Pension age. You may do so simply because you need the money, or you may enjoy your present job and not wish to drop out of the workforce straight away. 

Know the law when working beyond 65 

The phasing-out of the default State Pension age in 2011 has liberated many older people to continue working well beyond the previous default of 65, in the knowledge that their employers cannot insist on them stopping work unless they can objectively justify it - for example, if the job requires a high level of physical fitness. 

You may therefore first wish to familiarise yourself with the rules that surround working beyond 65. For example, you are no longer obliged to pay National Insurance after State Pension age, even if you are self-employed, but you will still have to pay tax if your taxable income - including any State Pension - exceeds your tax-free allowances

If you are working beyond State Pension age, you also have the option to put off claiming your State Pension until a later date, as many workers do in order to benefit from a higher rate when they do eventually claim. 

Work-life balance can be important for retirees, too 

Once you are abreast of the legal situation concerning retirement working, you will need to decide how exactly you plan to continue working. Will you remain in your present role on exactly the same terms as before? Or will you switch to a part-time, flexible or freelance job to fit around the rest of your retirement life? 

Continuing to work past 65 doesn't mean that you can't enjoy many or all of the traditional retirement perks, such as the chance to travel the world or spend more time with family. This may prompt you to take on a less demanding, inflexible or stressful alternative to your current job, such as casual babysitting if you used to be a home carer, writing on a freelance basis on a technical or specialised subject or acting as a home tutor for a child if you are/were a school teacher. 

There are so many ways to enjoy your life in retirement while still earning money to keep you financially secure for longer in old age. Talk to Retirement Line today about how you can make the most of your own retirement from a financial perspective. 

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