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Retirement 2^nd Life

Financial planning in retirement (2nd Life) is crucial to ensure that retirees can maintain their desired lifestyle and achieve personal goals without the worry of outliving their resources. 

Here are essential strategies and considerations:

Retirement Income

Track and manage expenses carefully, differentiating between essential costs (housing, healthcare, groceries) and discretionary spending (travel, hobbies). 

Establish a realistic budget that reflects your retirement income, which may include State Benefits, private pensions, annuities and investment withdrawals. It is possible to draw pension funds to match your requirements for income which may change over your 2nd Life.

To read more on pension retirement options click here.

Life Goals

Retirement offers an opportunity to pursue personal passions and goals. Whether it’s traveling, volunteering, learning new skills, or spending time with family, allocate time and resources to these activities. Consider part-time work or consulting if desired, not just for additional income but for personal fulfilment.

Social Engagement and Wellness

Stay socially active and prioritise physical and mental health. Engaging in community activities, joining clubs or pursuing hobbies can enhance quality of life and well-being.

Healthcare 

Having protection policies in place and reviewing them regularly will give you peace of mind knowing that you and your dependents will remain financially secure in the event of loss of income, death or serious illness.

Healthcare can be a significant expense in retirement. Review your Health Insurance to make sure it meets your needs. If you are concerned about future health care costs visit www.hia.ie which has a number of excellent sources of information. 

To read more on protection products, click here.

Investment Strategy

Make sure you’re comfortable with the investment of your pension funds and investment funds. To read more on savings and investments, click here.

Estate Planning

Regularly update estate planning documents, including wills, trusts, and powers of attorney. Designate beneficiaries and consider strategies to minimise estate taxes. We can assist you to get the correct advice.  

Emergency Fund 

When you have retired and are living your well-deserved second life, it is important to have access to an emergency fund as you will be living off a fixed income.

There are many reasons you may need to dip into that fund, but having one will give you more peace of mind for unforeseen expenses that may come your way such as household repairs, home modifications, medical expenses not covered by your GP visit card or health insurance or increases to the price of goods and services. To read more on emergency funds, click here.

For more information on the above or if you have a query contact us here.

To browse through our Client Communications Library click here.