Working towards retirement

Even if you’re doing a great job saving for retirement so far, there’s always more you can do. Here’s a guide to managing your finances so that you can have a happy and stress-free retirement.

Look at your retirement budget

When you’re in the last ten or so years of your career, it’s time to reanalyse your savings plans and make sure you’re budgeting well.

  • The two important questions you to ask yourself are

    • Will you have enough money to support, or even improve your lifestyle after retirement?

    • Are you saving responsibly and taking advantage of money-making opportunities?

    If not, it’s time to change your saving strategy. Tone down your luxuries and rather put that extra money towards your wealth growth. Giving up unnecessary spending won’t change your quality of life, but instead protect your future lifestyle. A financial advisor can give you the right guidance on your budget and savings plans.

Focus on your health

Your health is just as important as your wealth. There are a lot of illnesses that can become very costly if you don’t catch them early – which will put a strain on your finances.

  • You should go for annual physical checkups and look out for the following

    • High blood pressure, high blood glucose or high cholesterol.

    • Vision and hearing.

    • Thyroid disease, liver problems and anemia.

    • Early signs of heart problems or cancer.

    • Bone mineral density.

    Remember, a lot of medical aids reward you for doing these routine checks, so looking after yourself is a win-win!

Find new ways to make money

Believe it or not, there are many ways you could be increasing your income after retirement. Once again, a financial advisor will show how you could be making more money.

  • Keep an eye open for chance opportunity by

    • Building an investment portfolio or buying an asset like property that you can rent out. Both of these will help you earn extra income without taking up all your time.

    • Starting side projects. This can come in the form of a full-blown business, or as once off tasks in which you can monetise your skillsets.

    • Follow your passion. If you’ve reached financial independence and you have a talent base to build on, then go for it. Many people around the world have become millionaires after the age of 50 by becoming entrepreneurs, trademarking invention, publishing books or making art.

Working towards retirement is an ongoing responsibility that will pay off handsomely. Now go enjoy the last stretch of your career!

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