Directory Pension Shield Direction Arrow NRetirement is a completely different phase in the life of a person and it includes its own peculiarities.
Throughout your working life and well before retirement, you’ve become used to a regular income. The regular income comes in the form of salary or wage paid periodically at least monthly.
The regularity of your income over the years would have made you to accommodate your spending to fit into your income routines. Therefore, when it’s time to retire you have your spending pattern well practiced, even though it may change a bit in retirement.
Living comfortably in retirement is supposed to be the fantasy of everyone. After the opportunity to retire comes the greatest question you need to ask yourself is this, will you have enough income to continue the lifestyle you had prior to retirement?
This will depend on the lifestyle that you need to maintain and the sort of income you will have from the pension scheme. But typically the income from the pension scheme won’t be enough to live the life span of your dream in your golden age.
1. What lifestyle will you want during retirement?
2. How will your financial situation change ?
4. How can you control your financial future to be able to retire with the tools required to realize your desires lifestyle?
As you think of retirement days you are supposed to think of how you may wish to live in retirement. In the light of this you may need to consider the following:
1. Your home: where are you going to live? Are you going to remain where you are, or move to a different region of the state or nation?
2. Transportation: what’s the cost to you now? Will you move in retirement, how much can you spend to and from work now.
3. Food: Maybe while you’re working you eat lunch out all workdays. Calculate how much you really spend a year on lunches and other meals on the job.
4. Clothing: Will you buy cloth to impress while in retirement? How much of Aso-ebi were you buying while working, will the trend continue in retirement?
5. Health and Medical Expenses: With age come all type of ailments naturally related to ageing, how prepared are you for the expenses related to this?
6. Entertainment: Will you spend more or less on visiting parties and social gatherings.
7. Recreation: Will you spend more money on leisure, such as golf, tennis, squash and polo.
8. Travel: Throughout retirement will your traveling increase.
Look at the eight points very well, the trend is there for you to spend more in some categories. You’re likely to spend more on medical and health, also since you have more time you may spend more on travel, leisure and entertainment activities.

Retirement

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