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SAVING MONEY IN RETIREMENT

When we retire due to age or some enforced medical condition a number of things change in our lives which gives us the chance, and need to review our finances, let's look at the key issues one by one;

Income

Your regular weekly or monthly pay check stops and is replaced by either'

• a personal or company pension.
• a state pension, assuming we are old enough to claim.
• any part time work we can still do.
• any insurance payouts we get if forced into retirement by accident or illness.

Clear the clutter

It's not a bad idea to have a tidy up now you have more time on your hands, you may well have a lot of items around which have built up over the years which could have a value.

Collectible items, books, records, pottery, paintings and other items could be sold to antique shops, or auctioned on web sites like EBay. Check yours out to see what others are fetching. Watch you identify any valuable item otherwise you could end up giving away a small fortune for very little. Get some independent advice if you feel you have anything of serious value.

Housing

Perhaps we would benefit from moving to a smaller, easier to run property with lower upkeep, plus perhaps freeing up some valuable cash. Most properties will have increased in value and most mortgages are paid off by retirement.

Talk it over with your family and close friends, you may not want to move to a different area if people or things tie you to your home area. Or you may enjoy a new area, perhaps close to the sea, or family you miss.

Savings

Having a nice "nest egg" at retirement is everyone's dream, but few actually realise it. Only those who have enjoyed big incomes and managed to budget sensibly or those who have lived frugally can hope to build any sizeable fund. Unless you had a lottery win!!

Savings can create INCOME and some capital growth which can help boost your overall income and, you may want to review the efficiency of any fund versus your needs and wants.

Insurances

Check out the cost and type of insurance cover you currently have, some policies can be cashed in, or stopped otherwise you could be spending on unnecessary, expensive cover.

Borrowing

Borrowing in retirement is a bad idea, for one thing your credit risk as a non wage earner is much reduced and your health may well suffer the older you get. Far better to consider the other options here to free up more money either as capital or income.

Never have savings and BORROW it makes no sense, the interest you pay to borrow will be double or more than you get in savings.

Some deals of "6 months interest free credit" when buying major household goods may well be worth taking as long as you can pay off the balance 6 months on. The interest you make on savings in the meantime can provide an extra discount on the goods bought.

Part time work

You may find having a part time job for a few hours a week keeps you busy and active, provides a new interest and gives a boost to your income.

Maybe you have a small business idea - check out our other web site for ideas and advice www.smallbusiness-support.net

Taxation

On retirement you may be entitled to a TAX REFUND check out options and opportunities. Make sure the tax office know you are retired otherwise you may be overpaying tax on income or part time work.

State Benefits

Check out your eligibility for any state benefit which may require you to claim. Many are means tested so depend on your savings and income. Others are not so you can claim them regardless of your affluence.

Whilst many may see claiming benefits demeaning, truth is the state make this available to qualifying applicants and if you qualify why not take it?

Vast sums of state benefits remain unclaimed due to peoples reluctance to claim, or being aware of what is on offer. Another major put off is the need to complete often vast forms outlining personal details you may not want not to disclose.

Talk it over with a close friend or relative or an independent person, many specialist organisations exist for the elderly and retired. In the UK helptheaged.org.uk in the US American Association of Retired Persons (AARP)
and globally the International Federation on Aging

Please feel free to Contact Us with questions or to give us information to add to our knowledge base.