Close your eyes
and relax
You've earned this
Get ready for a life of whatever you want
Everyone does retirement differently. That’s the beauty of it. For some, retirement means taking it easy. For others, it means exploring new countries. Whatever your take is, on retirement, you want to make sure that you and your family are in a good financial place.
Now, your pension and your retirement savings should be fueling your livelihood. So, even though you’ve finally paid off most (or all) of your debt, more than ever before, you have to live within your means.
Finding that balance takes time; and, since there is still a lot of living to do (for you and your loved ones), here are a few things to consider:
A part-time job during retirement
For some people, working during retirement is out of the question. You retired so you could forget that “work” even existed.
However, if you’re looking for a little extra money, to make sure you stay afloat, a part-time job could be a great idea. But it’s not just about the money. Many studies show that people who put off full retirement tend to live longer and be happier.
Regardless of whether or not you decide to work, the key is to make sure your immediate needs are met, and that you stay healthy, happy, and fulfilled.
Capital preservation during retirement
While you should have a relaxed mindset during retirement, you need to be diligent. Without a steady income, you need to know how to manage your finances. Here are a few tips to preserving your capital during retirement.
1. Play it safe with stocks: Stocks are a volatile game, and if you get too aggressive, you could end up getting ‘burned.’ Make sure that your portfolio makes sense for the risk you’re willing and able to take, during retirement.
2. Get into a routine: Without a job, it can be tough to develop a routine; but, we tend to spend money more erratically in situations we’re not used to; so, create a healthy and productive routine.
3. Build a budget (with perks): Build a budget that rewards you for staying under the limit, with a good meal at a nice restaurant or a trip somewhere fun.
4. Enjoy the free things: Some of the best things in life really are free. Take a walk on the beach, watch a sunset, or read a book.
5. Embrace the discounts: You’re a senior citizen now, enjoy it. Take advantage of all the senior citizen discounts and programmes.
6. Know your limits: Exercise care in being a guarantor for loans or putting up your home as security for a loan. Remember, you’re not earning a full income anymore.
7. Consult our advisors: Have questions? Talk to our licensed financial advisors, about the best way to balance your budget.
