.
.

Simple Living in Retirement

3/22/2019

It’s important to have a plan in place when entering the next chapter of your life in retirement. Review our guide below on how to get the most out of your retirement while saving money.

retirement-graphic

Revisit Financial Goals

Revisit your financial goals in order to map out a budget plan for retirement now that you are no longer receiving the same income. This can lead to more fun in your golden years, reduce stress and help avoid overspending. Take a look at your investments and consider factors that can impact your retirement income, such as inflation, the rate of return on savings and investments, taxes and more. It’s important to take some time to sort through your finances and take control of your upcoming retirement budget that will set you up for future success and will allow you to obtain the lifestyle you desire.

Downsize Living Arrangements

Consider downsizing to an apartment or smaller house to eliminate high mortgage costs and live more simply. If you have adult children who have moved away or you’re looking for a simpler lifestyle, downsizing is a viable option to save money, declutter your home and to maintain self-sufficiency. Downsizing can also help with limiting the amount of upkeep and maintenance by reducing possessions and avoiding overspending. Additionally, the money that you will save on changing your living arrangements can go toward more things that make you happy, such as a hobby or vacations with family.

Take on an Inexpensive Hobby

A significant amount of free time comes with retirement. Taking on an inexpensive hobby will keep you busy without breaking the bank. Activities such as bird-watching, gardening or pottery can help fuel a creative spark and serve as a therapeutic process. Find out what you’re passionate about and turn that into something that you can do in your free time.

Retirement is a time to enjoy the fruits of your labor, so have a plan in place before you enter this next chapter of your life. Simple living is key to extending the reach of your bank account and enjoying a stress-free retirement.

erin-ellis 
Erin Ellis
Accredited Financial Counselor ®
Philadelphia Federal Credit Union
eellis@PFCU.COM