Managing Your Money

When you retire, your income will almost certainly go down, but so will many of your expenses. There will be no fares to work, no lunches or after work drinks, no leaving presents to buy, and you will not have to dress the part. But these savings are not normally going to be enough to absorb all the loss of income.

Some things, like heating, groceries, travel and hobbies will cost you more.

The impact of retirement will also depend on what perks you got at work. If you had a company car, free use of the firm's telephone and never had to buy a pen or notepad, you may find that life is suddenly very expensive.

However, once you reach pension age you will get some concessions on the cost of travel and entertainment.

Because the changes are so many and pull in different directions, it is essential to write down the main things you spend your money on, how much they cost you now and what you think they will cost in retirement. Then you can see how much you can save - and afford - when you retire.


More information - Endless Expenses

or Food And Drink

Endless Expenses

/retirement/endless-expenses.php... see: Endless Expenses