Advice is right – top financial tips post-retirement
First published 20 July 2012 • Updated 25 January 2017
Jaskarn Pawar imparts his wisdom giving us his top tips on what people should think about once they have retired.
1. What’s the best advice you would give someone who has recently retired?
Sit down and think in detail about what you really want to do in retirement. Once you have a picture of your desired lifestyle you can start to think about money and what is and isn’t possible with the resources you have. There will be various stages to retirement just like there are from ages 20-60 for example, so thinking about your need for income and assets during those stages is important too.
2. What three things should individuals consider once they have retired?
What have you got left on your to do list?
What assets and income do you have to rely on?
Have you got the money to be able to do everything you want to?
3. What is the most common question you get asked from someone who has retired?
How do I make best use of the assets and income I have?
4. What is the most common financial mistake you find individuals make in their retirement?
I would say misuse of assets. People try to do funny things with their money when the simple, albeit sometimes boring answer is best. Manyapproach retirement like they have just reached their early 20’s.My advice is make sure you have a secure and sufficient income before you think about what else you can do with your spare cash and investments.
5. What is the biggest financial obstacle facing individuals in their retirement?
Knowing how much to spend, save or give away is a real concern for people without a proper plan, or financial planner to help them. Almost everyone either has more or less money than they think they should have by the time they retire.Those people who have less money than they think they should have, or at least wanted to have at this stage of their life may need their financial planner to help them make the absolute best use of their assets, and/or change of lifestyle to generate a situation where that is felt to a much lesser extent.