5 smart choices for your financial future over 60
Starting to think about retirement can be a liberating experience. Freedom from the drudgery of the day job, the mortgage might be paid off already, and you might be starting to have some spare cash each month.
However, the thought of supporting you and your family during your retirement without a work income can also be very scary. Read on to discover 5 smart choices that you could make for your financial future to help make the transition easier and less terrifying.
1. Ask about investment management fees
The trick to being smarter with money is to question everything. We’re not suggesting that it isn’t a good idea to invest, or that investment can’t be a tool to provide for you and your family during your retirement, it totally can.
What we’re saying is, don’t pay out any more money than you need to. Ask about investment management fees before you invest and shop around if they are expensive. Look for reliable advisors like Dri Financial Group investment management and ask all necessary questions before you make a final decision.
2. Check up on financial advice costs
Financial advisors can charge you a fortune, just for the privilege of sitting down to discuss your financial future with them. Shop around to get the best rates, remember a financial advisor should discuss rates with you before they provide you with a service.
You never know you could save some money instantly by changing your advisor. You could check out the travel section of our blog if you need some inspiration in regard to how to spend it.
3. Get real about retirement income
Now is the time to think about how you will fund your retirement. Check up on any pension schemes that you have, will they be enough to fund your lifestyle or do you need something else?
Selling your life insurance policy could be one way to increase your funds in preparation for your retirement. Many over 60’s let their life insurance policy lapse, thinking that they no longer need it so could save on the monthly premiums, but why do this when you could sell it for cash? You can read about cancelling here.
4. Improve your investment knowledge and skills
The more that you know about investments, the less that you have to rely on outside advice and fees. This could save you money because you might be able to get by without using up so much of your financial advisor’s time.
It could also save you from making costly mistakes, relying on your own knowledge prevents you from being talked into something that might not be good. There are plenty of resources out there to help you get started.
5. Set up an individual online investment account
An investment account is a savings account where the funds are used to trade in assets. You can choose to both pay the money in and rely on fund managers to decide where to invest, or you could use your own knowledge and determine your own investments.
Whichever way you do it, a savings account where the money is invested could be a smart way to make sure you have money available should something go wrong during your retirement.
