The Finance Blogger


Critical First Decade in Retirement

Critical First Decade in RetirementThe first decade, in fact the first year of retirement is critical for many reasons on many different levels. First of all you are no longer working. Secondly your financial situation may not be what you expected, while at the very least you are trying to figure out what the final impact will be. Then there is the emotional part of suddenly being retired and wondering what you will do next. Perhaps you retired sooner than you planned, or not under the best of circumstances.

Whatever your situation, dealing with all of these issues along with being with your spouse much more than you  used to contributes to a critical first decade in retirement. In this post we are going to focus on your finances and how best to deal with that situation. Generally speaking if money issues are ok, then many of the other issues will also work themselves out.

Critical First Decade in Retirement – Take Control

Develop a budget that illustrates all of your monthly / annual income along with all of your expenses. This will give you the first indication of whether you will have sufficient money to do the things you desire to do in retirement. Include budgeted amounts for trips, for projects or whatever you plan to do in your retirement.

Chances are that in the first ten years you will still have your health and will be able enjoy many of the things that you love to do. While making your budget include sufficient funds to make sure you can take that trip or purchase the fancy car or whatever it is you are looking to do. Unless you are blessed with great genes, your 2nd ten years may not allow you to do as many things as you did in the first ten years. This is just reality that we all have to face.

Investing properly, avoiding overspending and paying close attention to how you spend your money will help deliver the kind of retirement that you are planning. Build a budget that includes your income, daily expenses, annual expenses, long term items such as replacing a car or major maintenance items on the house and of course that trip you always planned. Some consumers may want to help the kids with their own homes or also the grand children.

For lots more retirement ideas and information, click here.

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