When you have worked hard all of your life, you might be looking forward to relaxing when you retire.

While taking some time for yourself may be a good idea, you might want to consider looking into the different aspects that come with old age so that you can really make the most of your later years. These may involve ensuring you have enough money to be able to live, as well as how your estate should be handled when you pass on.

By sorting out these details now, you may be able to spend more time relaxing, rather than needing to move further afield or spending time worrying, when that future comes to pass.


Take out life insurance

You might want to leave a sum of money to your children and grandchildren upon your death. Likewise, some people also want to leave property. However, should you die without fully paying off your mortgage, this can put that burden onto your loved ones, especially when you consider how city property prices can differ greatly to those out in the country.

Rather than trying to pay off as much as possible now, leaving yourself short, you may instead want to compare life insurance rates. This could enable your loved ones to receive that cash sum, or even pay off any of your outstanding mortgage balance and keep your city home for themselves. This can give you peace of mind now, and your family a peaceful life in the future.


Check your national insurance contributions

For you to be eligible to claim a state pension when you retire, you may need to have a minimum of ten years’ worth of full national insurance contributions on your record. To claim a full state pension, rather than the minimum amount available, your level of contributions must equate to 35 full years. It may be a good idea to check your tax records to see if you are eligible.

Should you fall short, it is possible to top up your contributions so that you receive as much as possible, which may be essential when you factor in the costs of living in a populated city, when you reach the official age of retirement and can collect your money.


Make travelling easier

Living in a city may mean that it is easier to take public transport than to run your own vehicle.

When you retire, it is likely that you will have less money than you did when you were working. Therefore, this could be a good time to get rid of your private transportation and think about taking the bus, train, or underground instead.

Those who are over 60 years of age may be entitled to a Freedom Pass for free travel throughout the city of London. Other types of passes may also exist throughout the country, enabling older people to still be able to travel around without needing to worry about the financial implications.

As you get older and reach retirement age you may want to look into ways you can reduce your outgoings and maximise your income so that you don’t have to move out of the city you love.

Alongside this, it may also be beneficial to consider what you want to do with your assets when you are gone, and how you can help to make things easier for those you will leave behind.