How to make your money last in retirement
A massive concern for people in retirement is that your hard-earned money will eventually run out. With the rising cost of healthcare and the average age people are living rising, we can see where that concern comes from.
It is true, being careful with your money while in retirement is more important than ever. We see stories every day of people in retirement being made homeless or cases where veterans are having to hire VA appeal lawyers in order to keep the money that is putting food on their tables.
But it is not all doom and gloom, with the right mindset, and by following some of the helpful tips and tricks we have found, you can keep enjoying your golden years.
So without further ado, here we go.
Consider setting up a guaranteed income stream
An excellent way to ensure your financial security in retirement is to use your retirement savings to invest in a guaranteed income stream. This is where you invest a chunk of your retirement savings and in return, receive a guaranteed income for the rest of your life.
Have a spending plan
Everybody dislikes budgeting. You did as a kid, you did as an adult, and you still do now that you are retired. A more exciting way to do this is to create a spending plan. Instead of looking at what you cant afford, this is a plan to spend your money on the fun things in life. Plan out your holidays, your shopping trips, or that trip to go and see the rain-forest. By focusing on what amazing things you CAN spend your money on, you will subconsciously get better at not spending your money on things you shouldn’t.
Look after your health
Often overlooked, your health is at least as important as your wealth. You will not enjoy your retirement if you are unhealthy, and a lot of conditions that plague retirees are avoidable through healthy eating and exercise.
Yes, eating healthy is more expensive. Still, if you can avoid massive health care bills by spending a couple of extra dollars on fresh vegetables, surely it is a worthwhile trade, especially if the added benefits are being physically healthy.
Plan for your long term care arrangements
The odds that at least one half of every elderly couple is going to need long term health care are huge. A healthy-looking retirement fund can quickly be eroded by medical and care home bills. A great way to prepare for this is to sign up for long term car insurance as early as possible. For a small monthly fee, you could save your family up hundreds of thousands of dollars later down the line if you ever have to go into care.
There you have it, retirement is meant to be one of the happiest times in our lives, a time to relax and enjoy life. By following the tips above and making sure you are prepared, you give yourselves the best possible chance at enjoying those golden years.