How Seniors Can Maintain Financial Health During Retirement

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Managing Finances in Retirement

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There are few things more frightening than the prospect of outliving the money that has been squirreled away for your retirement years. While retirement planning is a large part of any diligent money management process, these efforts don’t end after your retirement cake has been cut. Following are several things that every senior should do to ensure a comfortable life-quality over the long-term.

Determine How Long You’ll Need Your Portfolio to Last

Plan to make your portfolio last for as many years as possible. Some people will need to have access to these monies for as long as 40 years. Don’t sell yourself short by under-planning for the distant future. Calculate your yearly costs of living and then allocate enough for at least three decades of living.

Avoid Impulse Purchases

It is important to consider your emotions immediately after retirement and how these are likely to impact your purchase decisions. Even though this is a stage of life that you’ve eagerly awaited, many retirees find themselves feeling tired, depressed, anxious, and unsure of what to do with their extra time, which can lead to costly impulse buys like a new boat, RV, or other extravagant item. Before you finalize any major purchases, consult with a financial adviser in order to ensure that you’re financially and emotionally ready for both the benefits and the drawbacks of these investments.

Cut Costs Where You Can

It is always best to cut costs before you actually have to. If your current home is too large for your needs, think about selling it and buying something more modest. Not only will this add additional money to your retirement savings, but it will also cut your spending on property taxes, utilities, and home maintenance. Take stock of all the services you’re currently paying for and make sure that you really want and need all of these. You may be able to find a lower priced cable package or phone service plan that is better suited to your needs. You might also consider inquiring about discounts on services for seniors.

Identify Your Resources

There are a wealth of free resources that seniors have access to, especially once their mobility starts to decline. Make a list of all the local organizations that can assist you with your transportation needs or with meal delivery services, should this assistance ever become necessary. Seniors who don’t require around-the-clock help may also consider part-time home care in Vancouver, paying only for the level of care needed. Identifying resources early on will help you preserve more of your retirement monies for your future living costs.

To learn more about planning for the future, reach out to Home Care Assistance of Vancouver. In addition to live-in care, we offer flexible hourly care, which is often the most affordable care option for seniors who don’t require 24-hour care. Our comprehensive services also extend to stroke, Parkinson’s, and Alzheimer’s care in Vancouver for seniors with advanced conditions. Call our office at 778-279-3634 and speak with a friendly Care Manager who can answer questions, discuss care options, and schedule a complimentary in-home consultation.