Managing our budget and payments as we grow older
For many people, retirement is a time full of financial challenges and opportunities.
As you prepare for retirement, it is very important to take a close look at how you handle your money. Once you retire, your income will usually be substantially lower than before. This makes it more challenging to reconcile your income with the expenditure you are used to.
You may also want to consider continuing with some type of gainful employment even if you qualify for retirement. But that is just part of the challenges. With increasing age, personal health-care costs tend to rise. It may also become necessary to make use of support or care services. You should also be aware that financial fraud is a serious risk, because it is often older people that are being targeted. To protect against fraud, you may want to seek professional advice or at least check with people you know and trust. Retirement marks a new stage in our lives in which we face new challenges. Though we also encounter new opportunities. The opportunities strengthen our financial security and to deliberately manage our time and options in a way that we are comfortable with.
