If you are finding yourself heading ever closer to retirement or you fancy paying more attention to preparing for your twilight years, you need to think about your financial planning. Even if you aren’t the most astute person in the world, there are some simple hacks that you can consider to help you feel financially secure when you walk out of the office for the final time. Retirement was once seen as a time when you can play golf, relax, and enjoy a quieter life. However, many retirees are now choosing to backpack across India, skydive, and do the things that they never had a chance to do when they were younger. Follow this guide to help you save money for your twilight years.
Your Home
If you have a patch of bricks and mortar that has been your pride and joy for years and years, the chances are that this asset has increased in value. This asset will be able to fund your retirement dreams. If you are eager to travel and experience more of the world, think about releasing some equity of your home. A reverse mortgage is a perfect way to borrow against your pad when you hit your retirement. This way, you don’t have to eat into any pension that you might be able to claim. If you are eager to renovate your pad, releasing equity can be the ideal way to modernize your home.
Savings
While you might be more concerned about saving for a rainy day so you have the funds needed if the car breaks down, the boiler breaks, or you have a lea in the roof, you also need to consider your retirement. By thinking of some investments over the long term, you won’t have to opt for the more high risk opportunities. By setting up a low risk, long term investment portfolio, you will be sure of a steady return that will outperform any bog standard savings account. Think about investing in a second property, in wine, in antiques or stocks and shares. You could choose to take advice from a financial adviser to ensure that your portfolio hits your investment goals.
Debt
If you have some debt that you are burdened with, you might feel anxious about your financial situation. Struggling to pay off credit cards will take priority over saving for your retirement which is why you need to shift the debt fast. Think about transferring your credit card balance to a new card with zero per cent on transfers. This way you can pay off debt quicker by having no interest to fork out for. You also might want to investigate a personal loan to consolidate your debt into one manageable monthly repayment. This is ideal if you want a definite timeframe to work towards clearing all of your debts.
Remember not all debt is necessarily negative. If you can utilize credit and pay off everything that you borrow at the end of each month, you can enjoy a better quality of life in the run up to your retirement. Follow this guide and you can apply these money saving hacks to your retirement plans.
