How To Manage Your Money In Retirement

Retirement at any age brings about a lot of changes in terms of your financial situation.  It’s important to make sure you manage these changes so you can lead the lifestyle you want.  Ask your self the question are you going to have enough Money in Retirement ?

Money in Retirement

Have a look at our top three tips to a brighter retirement future: 

PensionsDraw up a budget: Call it Money in Retirement. Preparing for changes in advance will help you ensure you are aware of your income and spending, giving you greater control.  It will also give you an idea of whether there is a gap between your income and spending, so you can look for ways to either increase income or decrease expenditure.  Use a tracker to look at where your money goes each month and also use debit or credit cards for one month (not cash) so you can review what was spent and where.  Our finding are that this is usually 25% higher than you initially thought.

Identify possible way to cut down on spendingYou may be able to spend less more easily than you think in retirement.  You could look at ways to save on your energy, grocery shopping or travel costs.  Use comparison sites, ask for reduction in fees every time you come to renew a service and do some good old fashioned haggling in shops when you buy anything.  It’s fun and will save you money.

Identify possible ways to increase your incomeIf you haven’t yet retired you could look for ways to boost your pension.  This could be by increasing contributions or by deferring the date your pension is due to start.  You may also even have pensions you have forgotten about which you can find by using the Pension Tracing Service.   Reducing tax is important so hold ISA’s and use the maximum limits each year if you can.  Other products are available that pay tax free income for you.  Try to reduce the amount you have as taxed income under the 40% tax limit each year.It is also recommended that you regularly review any savings or investments you may have to make sure you’re getting the most from your money.  As independent financial advisors, we can help you plan for this.It may also be possible to use your home as a source of income through using equity release or even participating in the government’s rent a room scheme.   Finally, even though you are taking a pension, this doesn’t mean you can’t still work.  You may be able to find a part time job that would fit in with your lifestyle and help generate a bit of extra cash.

For more help with retirement planning and for pension advice call our Knutsford IFA planning team to book a review. A Knutsford financial adviser will help you reach your goals.

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