When people living in Denmark retire
Today, pensioners do not feel as old as earlier. But when you no longer have a job to get you out of bed in the morning, it is a good idea to consider how you want to spend your time.
The next generation that is about to retire is an interesting group - because they have had better conditions and opportunities than previous generations. They are typically not as worn out as people were in the past. They are also more focused on their health, exercising and social interaction. These are all factors that contribute to longer lives and health well into age.
But even if their physical condition is good and their economy as well, the transition from working to being a pensioner may still cause problems for some. Pension adviser Erik Sundbøl in Northern Jutland, says it is clear that most often it is men who do not have a plan for their retirement life.
”The transition from working life to retirement is often easy for the first four weeks, because it is like taking a vacation, but then everyday life hits you, and this is where it may be difficult. The feeling of not having a purpose with your everyday life can affect everyone, men as women, if you don't have anything to spend your day with. It takes time to learn to be a pensioner, but after a year, most people have fortunately found their way,” says Erik Sundbøl, who has advised about pensions for 40 years
We live longer:
- The average age for retirement in Denmark is 66 years
- Customers in Danica can expect to live more than 20 years in retirement
- A 66-year-old female customer in Danica can expect to live to the age of 89, and a 66-year-old male customer can expect to live to the age of 87
Source: insurance & Pension Denmark and Danica
Time spent wisely
Now comes the time when is is difficult to make plans with pensioners, because grandchildren, hobbies and perhaps also some volunteering takes a lot of time.
”Doing volunteer work is for many people a way to give back and sharing the experience gained over the years – can be a great gift for the younger generations. Being a mentor can be a great satisfaction for the pensioner” says Erik Sundbøl with a smile and continues:
"For those who have not yet come to terms with their life as a pensioner some might regret the transition to retirement. In those cases we see customers being reemployed at reduced hours or finding a new workplace. This is most often the case with men, because women are generally just better at nurturing their networks, exercising or finding new hobbies”.
Retirement must be planned in time
There is nothing new about planning your third/fourth age well in advance.
Read about the fourth age in our interview with Georg Julin
We all hear this when we review our finances. But it is as important to plan the hours you previously spent working.
”Many couples are amazed at how much time they actually have on their hand - time they have together.
At my meetings, I always help the customers think of how they want to spend the extra time. What do they dream of? Often I hear answers like: We want to travel more, spend more time with our grandchildren or be in the holiday house, Erik Sundbøl says.
There are no answers as to how you can get the best out of your life in retirement. Fortunately, there are no two people who are identical, but the advice is very clear:
4 tips from pension adviser Erik Sundbøl
- Get a review of your finances
It is important to get an overview and draw up a long-term plan – when do you need the money and how it is going to be spent. You can make the overview together with a pension adviser - Think about your dreams and wishes
Your dreams and wishes are the foundation of ”a good life”. The earlier you find out what you want to do after your working life, the easier the transition will be. - Divide the money
We live longer, and this makes greater demands to planning. We know from surveys that spending does not necessarily decrease during retirement. Money is just spent on other things the older you get. Therefore it is important to consider how to ensure your finances for the rest of your life. - Where do you want to live?
Always have a plan b ready, even if you do not want to move right now. Both your health and your financial situation may change over time.
Read more
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