Worried you will outlive your money? Aren’t we all? We spend a lifetime working hard so we can have enough saved up for our golden years.

When we do eventually retire, it’s not all champagne and caviar. While it’s true that we will probably have the most money that we have ever had, we must remember that it has to last for the next 30 odd years.

Our source of income during retirement could be a monthly income from a company pension, annuity or state pension, or investments from which we receive annual income.

To keep our finances on track during retirement, we need to manage how we use our money.

• Budget, budget, budget – this can’t be emphasized enough. Make sure you have a comprehensive monthly budget planned. This includes room for unforeseen expenses, once off expenses, annual expenses, and some savings.
• Use a retirement calculator – A retirement calculator can give you projections or simulations about how long your retirement savings will last or what your monthly income will be. This helps plan your budget.
• Reduce banking and investment fees – It might not seem like much but reducing banking and investment fees as well as insurance premiums adds up. Many offer lower fees for pensioners.
• Take care of your needs before your children’s needs – Your retirement savings are there so you can survive during retirement. It is not there as a special savings account for your children’s emergencies. The more you withdraw from your retirement savings, the less you have for yourself. 
  Things happen and often your children run into financial troubles but, help only if you have spare savings. Keep in mind, that they might not be in a position to help you if you run short.
• Medical care – If you have state care, then great, but if not, remember medical insurance and care might increase as you get older. Stay active. This doesn’t mean go to the gym regularly. Even gardening or a walk in the evenings keeps you mobile and active.
• If you still have debt, pay high interest rate debt first. Monthly interest can take a chunk out of your disposable income. 
• Ask for help – if you need help, don’t be too proud to ask. We are only human and make mistakes. If you run into financial difficulties, chat to your financial adviser immediately to help you manage it or find a contingency plan. *

Just because you are retired does not mean you can stop budgeting, in fact, you need to budget even more to make your money last. Your adviser will walk the path with you and make sure you are on track with your expenses during retirement, so you can relax and enjoy your golden years. [email protected]

* https://www.rd.com/

Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere adviser for a personal consultation.

* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.