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How To Make Your Money Last
The Indispensable Retirement Guide
How To Make Your Money Last (2016) helps you deal with a burning question when you’ve ended your career and started retirement: What now? These blinks show you how to manage your retirement funds to make sure you get the most out of this new stage of life.
- Workers on the verge of retirement
- Pensioners looking for saving strategies
- Anyone wanting to prepare financially for old age
Jane Bryant Quinn is a personal finance expert and author of several bestselling books, including Making the Most of Your Money NOW, Smart and Simple Financial Strategies for Busy People and Everyone's Money Book.
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How To Make Your Money Last
The Indispensable Retirement Guide
- Read in 15 minutes
- Audio & text available
- Contains 9 key ideas
Synopsis
How To Make Your Money Last (2016) helps you deal with a burning question when you’ve ended your career and started retirement: What now? These blinks show you how to manage your retirement funds to make sure you get the most out of this new stage of life.
Key idea 1 of 9
Retirement is a challenge for which you should prepare. Get to know its five stages.
Yesterday, you were an active member of the workforce. Today, you’re retired. What will be your first step in this new phase of life?
Many people feel lost at the start of retirement. Fortunately, you can make sure you’re not this type of retiree by planning ahead.
Retirement is challenging, as it’s a leap into the unknown. After all, what's the first thing you say when you introduce yourself to a new person? You share your profession: “I'm a lawyer,” or “I'm a teacher.”
As a society, we often define people by job. Going into retirement can then feel as if you’ve lost your social identity.
Plenty of people lie in bed all day when they first retire. While this might sound like a vacation, even vacations get boring if you're not doing anything. Planning your days is crucial.
There are five retirement stages. Let's go over each to ensure your retirement will be successful.
First, there's preretirement. During this stage you slowly disengage yourself from daily work. You start imagining what your life will look like when you retire.
Second, there’s the honeymoon or your first taste of freedom. As a newly minted retiree, you now get to spend as much time as you like on leisure activities, such as fishing, painting, reading or playing with your grandchildren.
Next comes disenchantment. In this stage, the days may start to feel long, and you might start missing your daily routine at work.
You overcome disenchantment by entering the fourth stage, reorientation. Here you refocus on the things that matter most to you and start adjusting to your new financial situation.
Once you've reoriented, you reach the fifth stage: stability. Stability is about settling in and enjoying the new rhythm of your life.
Key ideas in this title
- Retirement is a challenge for which you should prepare. Get to know its five stages.
- Be healthy, sort out your healthcare coverage and try to keep your treatment costs down.
- Find the right balance between retirement revenue and living costs by creating a spending plan.
- Social Security retirement benefits are great; your benefits grow every year you don't claim them.
- Pensions are paid either monthly or as a lump sum. Take your time to decide which is best for you.
- Lifelong annuities come with risks but can be good options for managing retirement income.
- Retirement plans are a great way to save. It's never too late to start, even if you’re about to retire.
- Keep expenses under control by spending no more than four percent of your savings per year.
- Final summary
