Are you already 65? Surely you are still active, with projects in door and objectives, whether personal or professional, and therefore, you can not forget to take care of your personal finances. On the contrary, it is now when you need more advice and detailed planning for this new stage of your life. In which you may have more free time. But at the same time you will have new economic challenges. We have information that can help you to maintain your lifestyle,
If during your professional life you were cautious with your money, you prepared for your retirement by voluntarily saving in your Afore or you used some investment fund, you are already halfway there and you can surely enjoy this new stage of your life with your loved ones. If you are in this group, you will probably make that trip that you have been planning for a while, you will dedicate yourself completely to your hobbies or you will simply spend your afternoons consenting to yours. Just do not forget the planning, because your savings should last for a few more decades and here lies the importance of good advice.
If, on the other hand, you were very busy thinking about the day to day and not about your retirement, not everything is lost, but you will really have to work a little harder and reduce your expenses. The first thing you should do is approach a financial advisor to help you plan the next years of your life based on your new reality, with the firm intention of enjoying them with financial responsibility. It will be very important to be realistic and adjust your lifestyle to this scenario.
In both cases, whether you have prepared or not, it is worth having a financial coach to help you live the best of your retirement. Your financial advisor is the right person to help you develop an action plan and monitor what is right for you.
The first thing you have to take into account is to define your monthly income and expenses. Start knowing exactly what is the amount of savings in your Afore and with the help of your advisor define how much money you can use each month; considering your fixed expenses, additional expenses and the projects you have in mind. If you plan a trip, that month you will spend a little more, so the following months should be more austere. As we said, the main thing is to maintain your lifestyle and for that you have to be very intelligent.
Consenting to you and your family is important and for that you worked hard all your life. However, try to stay within your budget and avoid “escape costs” or “emotional”. Measure yourself in your purchases and projects so that you can fulfill your proposed goal. It pays to consent to your grandchildren, but something that will serve you all your life. Will be your example of saving for retirement and taking care of your finances. Life does not end at 65, you still have many years to pamper them little by little.
Now that you retire, you can continue saving or investing and the recommendation is to do it so that your money works for you and does not lose value over time. Come with your Afore or with another financial institution and ask for plans and products that suit your needs and objectives.
Say goodbye to your credit cards.
Do you still need three gold cards? Probably not and you definitely do not need to bring them with you all the time. Your best option would be to stay with the best conditions or benefits you grant and concentrate there all your recurring charges. It will be easier to focus on that card is always up to date so that they do not charge commissions and also avoid the temptation to spend more. Leave it at home and only charge it when you go on a trip or need it for some considerable or extraordinary expense.
It is also recommended that you form a fund for medical emergencies that will help you cope with unexpected expenses such as a laboratory study or an accident at home. In this way you can have that money immediately and not worry about how to pay that expense; but this fund should be seen as a supplement to your Major Medical Insurance, which is essential to keep.
The fact that you are 65 years old and have retired does not mean that you can not continue working if you wish or if you require additional income. You have a great experience that supports you and much to share, so if you are good at something you can give private lessons or help someone through counseling; On the other hand, if art is your thing, you can offer guided tours to your favorite museums. Take advantage of your experience and take advantage of it.
Reaching 65 is the start of new projects and if you manage your finances and your time well, you can fulfill them all. Think that the best of life is still in front of you and that now you will have more time to enjoy your family and life. The key to achieving this, without sacrificing your lifestyle, is to be aware of your expenses and to take good economic planning. Remember that your financial advisor is there to make the whole process easier.