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Formula 1

This season’s final Formula 1 race takes place this weekend in Abu Dhabi. The race will be the final in the career of the sport’s legendary racer Fernando Alonso. When Alonso won his first Formula One World Drivers' Champion at the age of 24 years and 58 days, he was the youngest ever to do so. In total, he has racked up 32 wins and finished on the podium in almost a third of his total races: 97 times out of 311 starts.

But this will not mark the final day in the career of Fernando Alonso, as he is currently leading the 2018-19 FIA World Endurance Championship; he is the co-founder of fashion brand Kimoa; and acts as a Goodwill Ambassador for UNICEF. While we can’t promise every retirement will quite feature the glamour of a Formula 1 racer’s, this path to retirement is not as atypical as you might think.

Fernando, despite being regarded as one of the sport’s most accomplished drivers, has not placed on the podium since 2014. Albeit at a generally riper age than Alonso’s 37, many of today’s retirees only begin to think about retirement when their mind and body begins to tell them it’s time to slow down.

Increasingly today, retirement isn't the cliff-edge it once was. Many people enter part-time work to ease themselves into retirement on the basis that a five-day work week might be too much, but a two or three day one might still be manageable for a few years yet.

In Kimoa, Alonso has established his own business, and self-employment is increasingly a route that people go down as they seek to take the skills they’ve learned in the employed world to a space that will give them a greater degree of control over their work.

Likewise, volunteering for charities such as UNICEF can help maintain a sense of purpose in retirement, with research even showing that people who volunteer cut their risk of dying in the following years reducing by as much as 22%, according to Age UK

At The Pensions Advisory Service, we’re used to helping people at every stage of life and in all situations. It’s what gives us purpose. So whatever your pension question, please feel free to call our helpline and we’ll be pleased to help.

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