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Finance - Take Control

The best made plans need reviewing and adjusting from time to time in order to keep pace with the surprises life can throw at us. And as retireistas we are always keen to seize new opportunities as and when they come along. So the best way to make sure you are financially prepared for these situations is to take control.

Develop a financial checklist to identify regular expenditure and then add in some wiggle room for contingencies. Think about your lifestyle (actual and aspirational) and make allowances for travel, eating out, visiting family and friends, going to the theatre and surrounding yourself with your favourite things. Then add in an amount for insurances, taxes, housing costs and out of pocket medical expenses. Finally think about what might lie ahead in terms of supporting family members (a daughter’s wedding, grandkids’ education, parents’ medical care… ), dealing with emergencies or taking advantage of invitations to explore new adventures.

Phew! That’s some checklist. We bet you were as surprised as we were the first time we did this. But how empowering it is to be in control. It’s down to you what’s included, what’s not and how much you allow for life’s little luxuries. And if your financial retireista pot falls short of your aspirations, don’t panic – get some expert advice and make a plan – NOW!

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