How To Downsize Your Lifestyle Painlessly In Retirement

How To Downsize Your Lifestyle Painlessly In Retirement

It’s very common for someone to enter into retirement with a clear prediction of their yearly expense, only to realize that they estimated low. In fact, according to some surveys, about two in every five retirees usually spend more money than they had predicted when they entered retirement. This could happen as start to venture into new things such as travelling frequently, taking on some new hobbies, or due to some new ideas such as renovating your home that you had not foreseen. Downsizing your lifestyle is one of the steps you can take to get Medicare supplement plan F 2019 reduce your spending and avoid the possibility of dipping your savings. Here is how to downsize your lifestyle without feeling like you are losing a part of you.

  1. Travel mindfully
Medicare supplement plan F 2019

Maybe you have a very long list of countries or places you want to travel to. Before you book a trip, compare seasons and prices. You could find out that one airline charges relatively lower prices that the one you prefer using. You could also find out that visiting a certain place is less costly during the low season. Alternatively, you can decide to reduce the list of the places you would want to see. You can also take only a one annual big trip instead of travelling many times a year. This can help you spread out your travel expenses.

  • Cut what you are not going to notice

Another way to downsize your lifestyle in retirement is to get rid of landlines you don’t need, television channels you no longer watch, and magazine subscriptions you no longer read. After that, review all your current plans as well as costs. Consider signing on for a less-expensive television service or cell phone plan. In case you have more than one vehicle, ask yourself whether you actually need all of them. If not, you can remain with one and let others make money for you by registering them with companies such as Uber.

  • Eat at home

You could have been a frequent customer at some of the most popular food joints. In more often than not, eating out tends to be more expensive than eating at home. So, one way to downsize your lifestyle in retirement is to start cooking and have meals at home. Getting back in the kitchen will greatly reduce your food bills.

  • Big is not always better

If you are staying in a five bedroom house, ask yourself whether you really need all the rooms. Whether you are staying alone or with your spouse, the house you are staying in could be too big for you. Consider moving to a two-bedroom or three-bedroom house to cut on rent and electricity bills.

Why should I start saving for my retirement?

Why should I start saving for my retirement?

Thinking about the future will offer you and your family peace of mind in the face of unexpected events, emergencies, or when you want to start new projects. The equation is quite simple in terms of saving: Economic security equals tranquility. The natural consequence will be a greater sense of well-being. Savings allow us to access that economic security that guarantees us to meet our goals, face an emergency or that in our retirement years we have capital that allows us to maintain our lifestyle. Saving is, in short, securing our future. In fact, we spend all day organizing events that last a few hours, such as our birthday party, but we spend very little time planning our retirement. If you have plans for your future, we share with you two reasons why you should start saving today:

If you start early, your monthly savings may be lower: are you younger than 55? You do not have to wait until the years before your retirement to save for your future. For example, your incorporation into the labor market may be a good time to start. The sooner you do it, the easier it will be for you to get the capital you need, and the smaller the financial contribution you make every month.

It supposes a complement to your pension: in very few occasions our public pension will be similar to the money that we gain during our labor stage. This happens because of the calculation of the public pension, which is based on what is quoted, and therefore will always be less than our salary. If you start saving now, you can maintain your current standard of living or even improve it.

Make your money profitable: Multiply our money The most viable way to increase our income is through savings because this gives us the possibility of making it profitable either through a savings account of a banking product or through its investment through different platforms that offer the market as the stock market, fund mutual, among others.

Where do I begin?

The first step is to have an idea about what your future retirement pension will be and the level of life you want in the future. However, you have to keep in mind that until the moment of your retirement you will not know exactly what the pension will be. So that you can calculate it in an easy way, we have created the retirement simulator, which identifies your needs based on your current income.

Key Retirement Questions You Must Address

Key Retirement Questions You Must Address

Retirement is the ultimate goal of many people’s lives and you must have been looking forward to reach it. Now that you are here as a retiree, it is important that you accept that there are some questions that you need to address. Some of the key retirement questions that you have no option but to address have been discussed below.

  1. How long may you possibly want your savings to last?

Asking how long you may possibly want your money to last is simply asking yourself how long you could possibly live after retirement. Yes, life expectancy is not something anyone enjoys thinking about. However, the truth is that a person’s expected longevity plays a very crucial role in their retirement planning projections. So, you must address this question for you to be able to have a realistic retirement planning. The longer you expect to live after retirement, the greater the estimated cost of your retirement. When you reach age 65, there is more than 50% chance that you will live even beyond 90.

  • How much money will you need?

This is another retirement question you must address. The perfect approach to addressing this question is to start by predicting whether you are planning to maintain the standard of life you are currently living, or anticipate requiring less or more. Generally, you will most likely need to have at least 70% of what you used to earn before retirement. Depending on whether you plan to enjoy an economical or a more active lifestyle, you can always review and adjust the amount of money think you will need to live a comfortable life.

  • How can you want to spend your time?

Now that you have plenty of free time, and less work to do, how do you plan to spend your free time? Without work to do, life can become boring, you may start feeling lonely, and you might start thinking like you have no reason to live. Apart from traveling, engaging in your hobbies, and spending time with friends, you also need to think about what makes you happy, what you need, and what you have the ability to do without having to strain. For instance, you can volunteer at any of the local community center, children’s home, or at the library. You can also decide to take a part-time job if you are still passionate about your career. Alternatively, you can start a business to keep you busy and to earn you some extra money.

5 Facts About Retirement

5 Facts About Retirement

People in most countries are now living longer as compared to the earlier generations. This results in lengthy retirements. There are some facts that many people, including those who are retired, do not know about retirement. In this post, we have highlighted some of the most surprising truths about retirement that you should know of.

  1. Many retirees are actually dating

In case you divorce or live longer than your spouse, you could be single again in retirement. According a number of surveys, most retirees across the world are dating and signing up for 2019 AARP Medicare supplement Plans This has been made possible by technology and availability of internet. There are so many dating sites that are designed for people who are 65 years and older. These sites offer great opportunities for single retirees to meet like-minded people.

  • You may lose independence

Yes, aging is usually a part of retirement. And as you age, you may start developing health issues that might affect your ability to move or stay alone without the help of others. You may also not be able to drive yourself around, or climb on a bench to change your house’s light bulb. You may also lose the ability to bath, cook or take meals on your own. While retirement is something that many people always welcome with parties and fun activities, the truth is that it comes with the act of aging, which could make you depend on others.

  • Retirement could last longer than expected

As mentioned earlier, many people in many countries are now living longer than before. This therefore means that retirements have now become lengthier. You might think that you only have few years to live after celebrating your 65th birthday. However, the truth is that most people now live many decades after retirement. Because most people are living longer than they expected, most retirees tend to outlive their retirement portfolios.

  • Retirees tend to spend a lot of time on TV

An average retiree spends more than a half of his or her leisure time to watch TV. In other words, TV is the main source of entertainment and information for people who aged 65 and older. To maintain good health and enjoy your retirement years feeling energetic, you should spend more of your leisure time moving around.

  • Most people spend most their time alone

Since you no longer have to go to work every day, chances are that you could find yourself alone at home without anyone to talk to. And because your children have already moved out, and you are just alone, or with your spouse in your home, you may end up spending most of your time alone. To avoid feeling lonely, you can start making new friends with fellow retirees.

Is it possible to face a real estate investment during retirement?

Is it possible to face a real estate investment during retirement?

Moving to a more modern apartment, buying a house on the beach or in a rural area, financing the house of your children, these are some of the reasons for acquiring real property during retirement. But is age a problem to buy a home? This question is, perhaps, the main concern of this group, especially if they do not have enough savings and need to apply for a mortgage loan. The loan is possible, but there are a number of conditions that should be taken into account.

Short-term mortgages:

When granting credit, banks require that none of the owners exceed 70-75 years at the end of the payment (some even put the cap in 80 years). Therefore, the maximum term to grant would be 10 years, 15 if it is early retirement.

Maximum 50% financing:

If the savings are very scarce, enroll in Medicare supplement plan G 2019 unless a very high income is available, the granting of the mortgage becomes more complicated. As a general rule, the financing of a bank would be at 80% of the price of the property. In this case, experts recommend that it does not exceed 50%, so there is greater ease of payment.

First home in property?

Having first home ownership facilitates the granting of the mortgage. The most advisable thing is to sell it and increase the percentage of savings to contribute to the purchase. If you decide not to follow this route, you can also opt for the rent and, with the monthly rent, deal with the loan.

Stability of income, point in favor:

In principle, the pension is a guaranteed salary that is charged every month. The risk is lower and that is taken into account by the bank. Another factor that can help is to have a private Pension Plan that pushes your income and allows you to more comfortably face the monthly fee.

Early retirees, greater possibilities:

They are the ones with the most options for the bank to grant them a mortgage. They range in age from 55 to 65, tend to have a medium or medium-high socioeconomic profile and usually charge higher pension tranches.

Fewer interest rates and no life insurance:

This type of mortgages, being shorter and with higher rates, the interest payable will be much lower than in one to 30 years. Regarding the linked products, depending on the age, the buyer will save life insurance, since this only covers up to an age limit of 65 years. In addition, the amortization insurance will only cover the person up to 70 years.

Travel preparation for seniors

Travel preparation for seniors

For older people, there is a lot to consider before the holidays like 2019 Medicare Supplement Plans on the site as preparation. So here we are presenting travel preparation checks, so it will be easier for you to go on holiday next time. •   

  • Have an appointment with your family doctor in good time. He advises you on your first aid kit which varies individually. In the case should definitely bandages and disinfectants, a fever thermometer and sun and insect protection. Also useful are medications for nausea, pain and cold remedies. Also tablets for constipation or diarrhea you should have with you. For a more exotic destination, it is best to contact a travel specialist.

•    Have an appointment with your family doctor in good time. He advises you on your first aid kit which varies individually. In the case should definitely bandages and disinfectants, a fever thermometer and sun and insect protection. Also useful are medications for nausea, pain and cold remedies. Also tablets for constipation or diarrhea you should have with you. For a more exotic destination, it is best to contact a travel specialist.

•    Inform yourself about your destination before your holiday. What health hazards are there? Do you need special vaccinations? Check your vaccination record before traveling and have your vaccinations refreshed if necessary.

•    Is it permissible to take all medicines to the holiday destination? The respective national message helps further. Strong analgesics from the group of opiates may in principle not be imported into some countries. Basically, it is recommended to have a medical certificate with you. Pack the main medication in a small bag which is convenient for a day trip.

•    Especially with long-haul flights, the risk of getting a thrombosis increases. Therefore drink enough before and during the flight about 250 ml per hour. Stay away from the alcohol that dehydrates. Move your feet regularly to stimulate blood flow and stand up in between. With the increased risk of thrombosis protect travel stockings from the pharmacy or even better lower leg length compression stockings prescribed by the doctor.

•    Attention changeover: If you travel to a time-shifting country, you may need to take your medication at other times. It is best to clarify this with your doctor.

•    What about the resort with accessibility? Especially for wheelchair users or people with mobility problems ramps and lifts are crucial. Call the travel agent or airline and tell them what help you need. Often it is enough to fill in a form that you give to the ground staff before departure.

•    At the resort, the climate is often different. When you feel little thirst, do not forget to drink. Keep in mind that certain sun-driven medications have unpleasant side effects, e.g. Skin reactions. Check with your pharmacist if you are more sensitive to the light of certain medications. In any case, sunscreen must be in your luggage.