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Excited retired couple basks in the glory of an afternoon bike ride with the knowledge that they have a happy retirement ahea

Whether you are nearing 65 or you just started your first job, it is always the right time to think about retirement. We've compiled tips for how to enjoy your retirement with healthy finances for the future. Use these ideas to save your way to better golden years. 

Devise a Retirement Budget

A retirement budget is very similar to the budget you may have used in the past, but with slightly more austerity incorporated in your decision making. Because you likely have a smaller amount of money coming in, and still a certain amount of debt to pay off, reaching your monthly spending and saving goals may be somewhat more challenging.

So try and narrow down your monthly spending to exactly what is most important. Make a list of attainable goals, and picture where you want to be in 5 years, 10 years, and so on.

Decrease Your Fixed Expenses

Fixed expenses are what you pay in your budget each month on the non-negotiables, things like mortgage, utilities and food. What if you could reduce all of these? Then your retirement costs would be much less. 

Look into non-traditional ideas, such as sharing a home with a roommate in retirement or joining a grocery co-op to save on food expenses. One of the best retirement planning tips we've seen is to be creative, so think of lots of ideas to start and then narrow them down by what's actually feasible. 

Account for Inflation

Remember, the expenses you save for today will be much different when you reach retirement age. If you haven't planned to pay for inflation, then you may have a 2020 budget for 2040 costs. Think carefully about what expenses will rise, such as the price of energy, food and property taxes, when aiming for a wealthy retirement. 

Wait to Retire for As Long As Possible

The longer you work, the fewer years you have to pay for in retirement. Many people feel mentally and physically able to work well into their 70s. Don't retire at 65 if you still enjoy your job. You have more to contribute and can make money for longer. 

Start Saving Even More

Even if you planned for your retirement way ahead of time and have plenty of money saved up to last you through the entirety of retirement, it's still smart to save. The more you save, the more you'll have to spend later, and far less potential for stress.

Because at the end of the day, that's what retirement should be all about. You put in your time — now it is time to reap the benefits of all the progress you made in your life. But by maintaining a savings each month, affording retirement will be even easier!

Consider Investments

If you have a nest egg saved up after help from your 401k or other assistance from previous employers, or a large sum of savings you put aside on your own, investing properly may be your ticket to growing it exponentially.

Many retirees play the stock market, especially with their newfound free time they can allocate to researching proper investment strategies. Tip: check out the recent Atlas Credit blog on smart investing at any age!

Plus, building credit is as important as ever during retirement. And even if you have bad credit, you can always receive financial assistance to start your investing project with a quick and easy personal loan online from Atlas Credit!

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Consider Your Health

Keeping yourself healthy at any age is incredibly important, but once you retire, some of the largest expenses you will have to cover will likely be medical.

That is why you should schedule regular checkups and preventive exams as soon as possible. Keep your health monitored by your trusted physician, exercise as often as possible and commit to a wholesome diet. That way, you will limit your health-related expenses and enjoy your retirement to the fullest.

Wait on Social Security

For most Americans, having enough money put aside for a properly carefree retirement is not a reality. Social Security benefits have a large part to play in the relative comfort retirement can offer you, but the longer you put off drawing from those benefits, the better.

The later you decide to draw from Social Security, the higher your benefits will be. Plain and simple. If you retire early and immediately draw from Social Security, the benefits you receive will be far lower. So consider stretching your savings, your 401k and any other additional sources of income as far as they will go before drawing from Social Security.

And remember, there are plenty of financial advisors out there who may not have your best interests at heart. With more and more Texas and Oklahoma residents entering retirement age, it is up to you to be discerning and wise with all of your financial decisions.

We're happy we can give you tips on how to retire successfully and other money-related topics. Keep reading the Atlas Credit blog for more tips and financial advice each week!

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