SELF SUFFICIENT POST RETIREMENT LIVING
A point in time and age comes when a man can no longer engage himself actively in income generating activities be it in public or private sector to fend for himself and his family as well. At this point one has to retire from active service either by their own will or as a result of a statutory provision or state policy. This consequently results to the end of income generation for many. Some end up surviving on proceeds of pension schemes, social security funds and government support while others depend on their lifetime savings. Drastic financial changes become inevitable and can be extremely frustrating if not well managed.
COPING WITH THE FINANCIAL CHANGES
A wise man once said that a man can only cut his coat to his own size. This in essence and in regards to financial sufficiency means that one needs to learn how to survive within his budget and financial capabilities. For sure nothing strips a man of his dignity, self-respect and self-esteem as having to beg for sustenance if the same can be avoided. Budget cuts are therefore necessary pursuant to the new living standards as well as income levels.
TRIMMING DOWN EXPENSES
The following are some of the ways on which retirees can prudently cut down on their expenses;
- Avoid unnecessary delegation of chores
Delegation of duties is only necessary if the person doing it is unable to find time to fulfill the duty by themselves. Retirement brings with it numerous free times and doing these jobs by yourself can save you some few coins. Hiring someone to mow your lawn or do your laundry is therefore unnecessary unless compelling reasons do exist.
- Avoid impulse buying.
If you had only planned to purchase groceries for dinner then don’t go for the bottle of wine or chocolate bar. Stay within your budget.
- Travel off season
Take vacations off season while rates are low.
- Do away with unwarranted vices
At this point in life you have already experienced everything that a person can possibly yearn to experience. You have almost tried everything that many young people would die to try. You have tried the best cigars, the best vintage wines and many other things just to mention a few. These things should therefore not matter much to you anymore and if they add no value to you just let them go.
- Avoid debt
Traditional financial institutions shy away from advancing credit facilities to retirees due to their reduced income generation capacities which makes it highly possible for them to default. As a result some of the result to unconventional is borrowing from shylocks and individuals. These kinds of loans attract unbelievably high interest rates and repayment might be such a difficult task. Retirees should get a supplement plan at https://www.bestmedicaresupplementplans2019.com/ as much as possible keep off such practices.