Managing your money in retirement

EXPECTED READ TIME: 2 MINUTES

Whether you are approaching retirement, or are already retired, you may suffering from money worries. Retirement is meant to be a time in your life when you can finally… relax. But for many, it can onset a huge amount of financial worry, as you try to figure out how to adjust to a new way of living.

Here are some common hints and tips to help make your money go further in retirement.

Create a budget plan

When you retire, you might be living on a lower income, so it is important to create a budget plan to suit your new circumstances. There are many methods of budget planning, and although not everyone is able to work to the same budget, there are always some costs that everyone needs to include:

  • Rent or mortgage payments
  • Utility bills (water, electricity)
  • TV subscriptions (or Netflix…)
  • Food and shopping
  • Transport or car running costs
  • Entertainment costs

Not to mention any unexpected costs that you may incur whilst retired. It is essential you have a rainy day fund even in retirement, so you can maintain your financial resilience.

Get started by using our free budget planning tool. Simply enter your income and expenses, and your remaining funds will be calculated for you.

Save regularly

It is important to continue saving during retirement to help you deal with any unexpected expenses. Or you may simply choose to save to help fund your Christmas expenses. At this credit union, you can remain a member once you are retired, and save into a Regular Saver account from as little as £10 per month, with repayments from Direct Debit, and where possible, your Pension.

If you are or have already received a lump sum payment after retiring, and you are not sure where to invest it, you may want to choose the credit union. Our Flexi Saver account allows you to deposit lump sums up to a max. balance of £20,000. Not only does this offer a competitive return on savings, but you can also withdraw your funds at anytime, without penalty.

  • The information provided in this article is for guidance and educational purposes only. Police Credit Union Ltd. does not offer regulated financial advice. Please seek independent financial advice.

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