Retiring isn’t just about the numbers. Here are numerous ways to live a richer life in retirement.
Speaker 1: In tonight’s MoneySmart we’re talking about retirement. Meaning you made it to the finish line, no more work to worry about, so you have a lot more time for you. Here’s Sharon Ko with more.
Sharon Ko: Tonight, let’s go over KENS5’s top five ways to improve your retirement. First one is to set your mindset right.
Karl Eggerss: I would say quit worrying. I’ve never had a client run out of money. When you do proper financial planning, you stay diversified. You have your priorities you know your cashflow.
Sharon Ko: If you have all of that in order financial advisor, Karl Eggerss says, allow yourself to live a little.
Karl Eggerss: Not getting too conservative. It’s very common. I see this all the time. People retire, their income has stopped. They have their savings and they want to hunker down.
Sharon Ko: And if you can let go, number three will be fun.
Karl Eggerss: And this is the time to really enjoy some of the savings that you spent all those years, putting away for a rainy day that you haven’t necessarily needed and you want to enjoy it. So I oftentimes see my clients not spending enough money.
Sharon Ko: While you’re appreciating your hard earned dollars, think about number four.
Karl Eggerss: Is this money that you plan to exhaust over your lifetime? Are you thinking about it going to charities in the future? Are you thinking about it going to your kids or grandkids? Really start thinking about, “Do I have enough money for my lifetime? And if I do, what else do I want to do with my money?”
Sharon Ko: And here’s number five. Think about your new purpose.
Karl Eggerss: What do I want the rest of my life to look like? Some people spend 30 or 40 years in retirement. What types of volunteer work are you going to do? Are you going to do another part-time job? What is that going to look like? Because there’s more out there than just about money when you retire.