When it comes to saving for when you retire, at the very least you want to ensure that you’re going to have enough to pay for your living costs for the rest of your life. However, what you probably want to be aiming for is a nest egg which allows you to truly enjoy your life after work and do all the things you’ve planned for as you’ve saved. Some pensioners find themselves in a position where they have to compromise on what they can do during their retirement simply because of a lack of funds. So here are our top tips for retirees to help avoid finding yourself in that position.
Once you retire, you’ll have a great deal more time available to you, meaning you should find it easier to spend time doing things that will help your money go further. One way of doing this is through a part-time job; but if you’re not keen on going back to work once you’ve retired, take time to collect coupons and hunt down special offers which you might not have had the time to do when you were working. This will help your monthly income go further.
Your tax commitments are likely to change once you retire, so ensure you’re only paying the taxman exactly what you need to. Returning to the first point above, you’ll have plenty of time to investigate exactly what you should be paying in tax, so do some research and see what you can save.
If you’ve budgeted during your working life, this shouldn’t change when you retire, and if you’ve not managed to budget before then it’s never too late to start. Knowing exactly what you have coming in and going out each month means you’ll also know precisely how much money you can spend on enjoying yourself without worry or guilt about doing so.
Reference – BL022 – Aug – 18