After a lifetime of hard work, reaching the retirement age is a blessing – finally having the time to enjoy all the things in life that work has prevented you from doing.

Yet, a lot of people may worry about their financial life after retiring.  Living on the minimum state government pension and figuring out your new life balance may seem like a challenge.  However, aside from the freedom to spend your time as you like, retirement comes with many financial perks that could help you to manage your money in the long run.

Travel

When you’ve finally got the time to explore the world, it’s an added bonus that most of your travel fees have been significantly reduced.

Once you reach state pension age, you will be able to qualify to get yourself a free bus pass.  This allows you free daily travel on any service in England between the hours of 9.30am and 11pm, saving you a staggering amount of money so that you can focus on spending it doing the things you love.

If you are an English citizen, once you reach the age of 66 you will be eligible for a London Freedom Pass.  This essentially allows you to see the entire city of London without paying any of those catastrophic costs.  The Freedom Pass enables passengers to hop on to any underground service at any time or day, while also allowing access to the London and local bus services between 9.30am and 11pm throughout the week and any time at the weekend.

In the UK, you can also purchase an over 60s railcard for £30 for the entire year, which gives you a third off your train fees.  While you do have to pay for the card, it can save you a lot of money in the long run, especially if you are making plenty of long-haul trips over the year.

Where the Boys Are by Anne Worner, on Flickr.  This work is licensed under a Creative Commons Attribution 2.0 Generic License.

Home

As you retire, you want to put your money to good use and transform your home into a sanctuary where you can relax with loved ones.  Retirees receive many benefits that can be put towards the cost of running your home.

Save money heating your home this winter with the UK Government’s Winter Fuel and Cold Weather payment scheme.  If you were born on or before 5th July 1952, you can get a tax-free payment of £100 – £300 to help heat your home over the winter.  You will usually receive the Winter Fuel payment automatically if you claim a state pension, too.  In addition to this, you may also be entitled to a Cold Weather payment of £25 for each period if the temperature of your local area is below zero degrees Celsius over 7 consecutive days.

Everything feels better when it’s free.  When you reach the age of 75 in the UK you qualify for a free TV license, saving you an average of £145 a year.  What could encourage you to enjoy your spare time more than watching TV with no extra costs?

Leisure

You’d be surprised how many establishments offer discounts for retirees.  Museums, gyms, cinemas and tourist attractions will usually offer a discount similar to student rates.

If you live in United States you can sign up for an AARP discount card.  By paying a monthly fee of $25 you pay for the right to flash this card almost anywhere and get discounts from hotels, to restaurants, to health clubs and even auto repair.  As an added bonus, your spouse also gets a free membership card when you sign up.

Have you heard that learning keeps the brain young?  Many adult learning centres have discounts on their courses for retirees, or they allow you to sit in the class for free.  While you won’t be working towards gaining that final master’s degree, you will still be extending your knowledge and keeping your mind active.