 |
The Retired Stage |
|
Typical financial concerns in this stage are:
- Managing expenses
- Planning Investments
- Finding part time work
To see how our toolkits can help you, click one of the following links:
|
|
The Retirement Stage is the final stage
in the financial life-cycle and is the culmination of a work life. In the Retirement Stage people no longer work at their
previous occupations. They either can't or no longer want to continue
a 9 to 5 work routine. At the same time, health care concerns and
costs increase dramatically. Retirement can, and should be, a great time
in life...a time when youthful exuberance and earlier family concerns
have been tamed. It is a time in life where the ability to enjoy life
should be at an all-time high. Suddenly, there is time to do many of the
things you always wanted to but could not get to. Time to travel and see
new places. Time for those hobbies you have neglected for so long. Time
for all the pursuits you never had enough time for. But health
care costs are real and traveling can be expensive and sometimes those
hobbies can be cost prohibitive. The key message for The Retirement Stage
is: Having free time is a blessing, but time is not free. To enjoy the
type of life you want to live in retirement, requires saving along the
way and maybe earning money in retirement to pay for it.
The key features and functions of Simple Home Finances Toolkits to use in this stage are:
- Use the Budget toolkit to:
- Determine how much money will be required from investments. Doing this enables you to map your income from employment, pensions and social security against your expenses to see how much additional income will be needed
- Use Loan Management from the Loan toolkit to:
- Track how much you owe.
- Track how long it will take to pay off
- Track the cost of the loan
- Model making a prepayment to see the savings it can generate in time and money
- Use Retirement Planning from the Retirement toolkit to:
- Get a realistic picture of what will be required in each year of retirement
- Model your retirement finances using multiple available options including, modeling a change in inflation or interest earning rates, working in retirement, saving during retirement and projecting your retirement finances with and without Social Security and Pension income.
- Plan and save for retirement
- Manage accounts so that, for instance, one account is used for the first 5 years of retirement and another for the next 5 or 10, etc.
- Project investments and costs into the future during retirement
- Use the Retirement Report to:
- See how much money should come from each income earner's accounts in the current retirement year
If this page does not have tabs across the top or links to the left then click on Home
|
