Transitioning into retirement life means that you will need to get used to being on a fixed income. This may be from your pension or funds that you have stored away safely.
Sitting down and talking to a financial planner means that you can get access to expert advice on how to deal with the adjustments, and you can learn how to appropriately manage your money.
Retirement planning enables you to find out how much the money you have saved for your retirement will last you.
managing your expenses
It’s always better to have a back up plan and not need it, rather than need a back up plan and not have one.
Accidents can occur to anyone at any time – and medical costs can pile up and become extremely expensive. This is why it is important to remember to plan for unexpected costs.
Also remember to take into consideration the costs for regular occurrences and luxuries like annual vacations, holiday seasons and birthday gift spending.
You may want to set aside a sum of money per year for these – and if you don’t use it then you can add it to savings for the next year.
Depending how much you have saved over the years, living on a fixed income means that you may have to be a little more frugal with your money.
No more lavish spending on this, that and the other thing – you’ve got to remember that your money needs to last you a long time.
living life to the fullest
Now that you have all the time in the world on your hands, you can finally do that things that you’ve always wanted to do.
Take up some hobbies that you’ve been putting off for the last few years, such as woodwork, gardening, knitting or even baking.
Staying active in your golden years is also an important thing to remember. By simply opting to have a morning walk or spending time trimming back the garden hedges, you are helping your heart stay fit and active and you’re also getting a few minutes of regular exercise per day.
Another great option is to join or start a fitness group with some friends or family. For instance, you could meet every second day of the week and have a morning walk group – changing routes, scenery and difficulty every so often.
A great way to keep yourself active is to mind some children while parents are away or busy – such as grandchildren or family friends. This way you can have some company with you throughout the day, and they will surely keep you on your toes!