Making Your Retirement Fund Last

By admin, October 13, 2017

No matter how big or small your retirement fund is, it is always going to be in your interest to make it stretch further and last as long as possible. Retirement, when you’re finally free from responsibilities, can be great fun, but only if you have enough money to actually enjoy yourself, even if that just means enjoying the simple things in life without having to worry about how you’re going to pay the power bill.

To ensure that your retirement is the best it can be, here are some tips to help you save cash and make your fund go further:

Create a Retirement Plan

Obviously (or at least it should be obvious), sitting down with a financial planner and actually looking at your finances so that you can come up with a realistic retirement plan, is the most essential thing you can do to make your retirement fund last.

A good financial planner will always tell you the brutal truth about your finances and help you to maximize the money available to you through wise investments and a realistic budget, As long as you stick to the plan you create, you should not, barring any serious financial calamities, have to worry unduly about your retirement fund.

Liquidate Your Assets

When you finally get to retirement age, chances are that you will have accumulated a lot of stuff and although many of the things you have you will use regularly or get a lot of enjoyment out of, chances are there’s a lot of stuff you no longer get anything out of too. It’s foolish to hold onto this stuff when you could sell it and liquidate that cash, add to your retirement fund and keep yourself going for longer.

Downsize

In a similar vein, if you own your own property, you might want to think about downsizing and releasing some of the equity in your home. Moving to a smaller place or even an independent living community could three up several thousands which you can then use to pay the bills, have fun during your retirement, or even invest in stocks and shares that will actually give you a return, rather than sit doing next to nothing like the equity in your home does.

Look After Your Health

If you want to avoid expensive medical bills in the future as you age, then the best thing you can do now that will prolong you5r retirement fund in the future, is to take good care of your health. Eat a healthy diet, exercise regularly and take any preventative measures you can to cut your chances of getting seriously ill and you won’t have to worry half as much about your retirement fund and how fast it’s dwindling!

Review Your Bills

No matter whether you’re retired or not, one of the best ways to make your money go further is by using price comparison sites to ensure that you are always getting the best deals on everything from electricity to your cell phone bill. You might not think it would, but reviewing how much you’re paying and whether you’re paying over the odds every six months or so will really make a huge difference to your financial situation and how far your retirement fund will stretch.

Living on a retirement fund isn’t always easy, but if you’re sensible and you do all of the above, it shouldn’t be too difficult either!