Chances are, you will want to maintain an active senior lifestyle when you retire. This includes socializing with friends, spending time with family, pursuing your hobbies and interests, and maybe even going on vacation. However, one factor that will affect your ability to enjoy all these activities is financial management. Read on to find out more about how you can better budget in your golden years!
Understanding Your Sources of Income
Instead of one monthly paycheck coming in, you may have different sources of income as a retiree. This can be your Social Security benefits, dividends from your investments, contributions from family, and more. One challenging aspect of managing your finances is that money may come in at different times. You will also need to change your financial strategy to reflect your changing lifestyle.
Consider Liquidity
As a general rule, most adults should keep a minimum of 6 months’ worth of living expenses as cash. Of course, the amount you need may be higher if you have a health or medical condition. If you find that your income streams are coming in faster than you can spend them, consider putting a portion of it into investments.
You will need to consider your risk appetite in doing so as well as your goals. For instance, are you saving up to go on a vacation next year, or to grow your nest egg for the next 10 years? This will make a difference in the type of investment you pursue.
Take the Time to Consider “What If”s
You may be relatively healthy and active now, but that may not be the case in the future. While we all hope to live to a ripe old age with minimal medical complications, it’s hard to foretell exactly what the future holds. To anticipate your evolving needs, you may want to sit down and get a comprehensive view of your finances. Remember that this sum will need to last you for the next 10, 20, or even 30 years!
One way you can make it easier to handle your finances is by scheduling direct deposits on the same day each month. This can be into an investment or savings account, or anything else that suits your needs.
Make Budgeting Easier When You Move to Morada Meadow Lakes
No doubt, it can be hard to keep on top of your outgoings when aging in place. From utilities and homeowners’ insurance to the cost of groceries, you will have to keep on top of multiple different payments each month. When you make the move to our independent living community at Morada Meadow Lakes, you will benefit from everything you need with one all-inclusive monthly rent.
Not only that, our rent lock program ensures that you will not be subject to rent increases in the first three years of your stay. With so many reasons to make the move, we welcome you to schedule a tour of our independent living community today!
