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Get financial in retirement - Sad but true!

Step one in the retirement process at Next Chapter Living concludes with the dreaded Financial...My 6 step guide to a healthy retirement and one where you can start being who you want to be/live the life you have always wanted also has to come with some cold hard facts!

Money gives us choice and freedom and no matter what, you need to be aware of your financial situation. I am not a financial expert by any means, these tips are from research I have done.

Don't be an ostrich with your head in the sand, own your financial status and if it isn't what you want, make plans to get back on track or re-evaluate your retirement - blunt but simple.

Tip 1 - Create your ideal retirement vision;

Tip 2 - Understand what your budget will be - Take into account your investments and small business income such as Air BnB, horticulture, yoga or your coaching practice. Set goals for those income streams;

Tip 3 - Factor into your budget capital items such as a new car, fridge, major home upgrades;

Tip 4 - Assess your liabilities and try and reduce your debt. Many pre-retirees draw on their home equity to pay for their lifestyle. This can impact on your lifestyle post-work!;

Tip 5 - Cover your children''s or parent's 'risk' - You need to look after yourself. Retirement is a time to be selfish. Don't let your children or aging parents deplete your savings or eat into your equity;

Tip 6 - Check and consolidate your superannuation or private pensions;

Tip 7 - Check and keep updated on fees and terms of your life insurance and other policies;

Tip 8 - Understand your age pension and/or social security entitlements.This may all sound boring but it is necessary. Don't put it off any longer. Go through this list and DO IT. The level of accomplishment you will get after you address these 8 - even half of them, will astound you.If you need any help or guidance on these tips or have any tips of your own please post and share so that we can all input and benefit from our member queries/ insight.

Watch out for my next post on the stress around retirement - I know I sound so joyful don't I?Bye for now.Dawn

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NSW, Australia

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