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7 Retirement Planning Tips To Consider

24th August 2021

No rambling, no preamble, just 7 tips to think about in the run up to retirement:

1. Talk with your spouse or significant other about retirement spending

Be open with your spouse or significant other about how much you think you should, and will, spend in retirement so that you’re both on the same page. Just as you would probably discuss buying a new car or a house while working, it’s a good habit to talk though financial matters in retirement too.

2. Create a budget and follow it

Budget for your retirement in the same way as you might set out your career goals now – figure out how much you want to be able to spend, and plan around that. Be sure to consider inflation in these discussions and how this might impact your disposable income in the years to come.

3. Get a good investment professional

You go to the doctor to help you stay healthy, so having a financial adviser you work with regularly is a smart way to plan for fiscal health in retirement.

Seeking financial advice could be a good starting point in establishing whether you are on track to meet your retirement objectives and what options are available to you.

4. Watch travel expenses in retirement

Travel is cheaper and easier when you’re mobile, so take big trips when you are younger. Don’t save all of your holidays for retirement as this will be more costly. Also, don’t take overly expensive vacations. As you are smart about spending when at home, keep the same habits while traveling.

5. Pay off your mortgage

Your home is more than just shelter; it also comprises a significant contribution to your fixed expenses. By paying off your mortgage you can finally tap into your home’s wealth by living there “rent-free” – eliminating a significant monthly expense.

6. Work longer

One of the best ways to ensure you have sufficient money well into retirement is to work a few additional years, beyond what you originally had planned. It may not be what you want to do, but it will add more cushion to your nest egg in the long run. Even just a couple more years of work income can add significantly to your retirement funds.

7. Expect to spend more

No matter how much you plan, surprise expenses are inevitable. Budget for unexpected expenses, as well as costs like property taxes and household maintenance costs that may go up dramatically during retirement.

The overall good news is that making a few small changes – maybe working a few years longer, saving a bit more each month and adopting some healthy lifestyle habits – can add up to a much more comfortable retirement. Talk to one of our advisors about how you can save for retirement and be prepared.

The content of this article is for general information only and should not be considered advice.  Professional advice relating to your individual circumstances should always be sought prior to making any decisions or taking any action. 

Reference – BL131 – Aug – 2021

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