5 ways to be fiscally wise in retirement

Retirement is a big excitement to look forward to but what many of us fail to fully realise is how different and difficult financial management turns out to be at this time.

Firstly you are almost certain to be on a reduced income, even though pensioners have a lot of cash, it’s going to have to last and with all that free time it’s very easy to actually spend more if you are not careful. So it is a good idea to take on board a few of these hints and tips on how to be fiscally wise during your retirement years.

fiscally wise

Be sure to make the most of your pension

Be sure that you are getting the most out of your pension. In many private or company pension schemes you can choose what to do with your pension pot at retirement age. You can decide how much to take out each month or year and over how many years which is restricted by the size of your pot. You can decide on how it is invested and be as risky or as safe as you like with these investments. It is also possible to take the whole pot at once, although be aware there may be penalties or tax implications here.

Take advantage of pensioner discounts

There are so many offers and discounts available to pensioners. There is free bus travel, free TV licences and discounts at sporting events, theatres and cinemas amongst much more. Just be sure to show your ID, especially if you are lucky enough to look young and healthy. Being fiscally wise is taking advantage of any discounts that are available and saving yourself some money.

Use the equity in your home

You may be sitting on a huge asset if you own your own home. But what can you do with that asset, traditionally with the exception of selling up and down-sizing there wasn’t any way of utilizing that money. These days, with the help of a good advisor such as Key Advice, you can quickly and easily release equity from your home to use for any retirement purposes.

Travel out of season

If you are planning to travel once you are retired then so many options open up to you that were not possible before. You are not restricted to a couple of weeks at a time and so can plan longer trips taking in much more of the areas you are travelling to. You can also travel out of peak season allowing a whole world of discount options not available to families who are restricted by school holidays, this also has the added bonus of allowing a quieter time when there.

Make your own

Since you have a lot more time available it is often a good idea to take up new hobbies and interests or to re-kindle old ones. Why not consider learning how to make something, clothes, furniture even growing your own fruit and vegetables? This can be greatly relaxing but also possibly can save money and if you are good it can even become a small part-time money-making scheme.