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How to plan your spending through the 3 stages of retirement

For most people, life after they leave the workforce is not just one long holiday.

Did you know most people’s retirement years can be split into three stages, with each one having a different pattern of expenditure? 카지노사이트

When it comes to planning a successful retirement, ensuring you have enough money to support yourself is important. But it’s also vital to come to grips with how much you’re likely to spend as time goes by.

Understanding your retirement years
For most Aussies, retirement years normally pass through three distinct stages. These periods are based on your health and the type of activities you pursue as you age. Your spending pattern in each stage reflects this.

Although we’re all different, a simple way to think about your retirement is to view it as being broken into:

Stage 1: The Active Years
In the early years you will generally have the same physical capabilities you had during the last few years of your working life. You will have more free time in retirement, so plan to spend more on leisure activities and less on work-related expenses.

This phase usually involves more time for hobbies, overseas travel, home renovation and family gatherings. Increasingly, some active retirees choose to undertake part-time work or volunteer in the community. 안전한카지노사이트

Stage 2: The Sedentary Years
As you slow down mentally and physically, most retirees adopt a more passive lifestyle. This means your spending tends to reduce.

In this phase, many retirees move into a smaller home, travel tends to be closer to home and there is more expenditure on health. Retirees in this phase also tend to start thinking about aged care and estate planning, if they haven’t already done so.

Stage 3: The Frail Years 카지노사이트 추천
In later life, we can become increasingly frail and our ability to move around decreases. Restricted mobility means your leisure activities tend to be more limited and your health costs increase.

Many retirees in this stage start needing help around the house and in their daily activities, or they consider moving into a retirement village. Some retirees need to fund home-based care or move into an aged care facility, which requires very substantial funding for a refundable deposit or regular fees.

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