As we get older, we start to think about the best ways to spend our hard-earned money. But it is not like this for everyone. You may have done your best to save money, and with all the will in the world, it became incredibly difficult. And whether you have been on a low income your entire life, or you found yourself in certain situations resulting in vast expenditure, how can you navigate the financial aspects of living after retirement especially if you unfortunately go through a divorce?
Some of the Practical Approaches to Your Assets
Some of us have assets, some don’t. If you are lucky enough to have investments or assets, you have some options. For example, if you own your own home, you can participate in an equity release scheme. Or you may want to think about other components arising from your personal situation.
For example, if you are going through a divorce later in life, you may need to figure out the financial matters between you and your ex. A Form E divorce, where you and your ex complete a form relating to financial matters arising from a divorce, might help you to retain some of your assets. It is also important to remember that when you are making investment decisions, you have to be aware of fraudulent activities. It is more common for people over the age of 60 to receive fraudulent phone calls and texts. I’ve experienced them, and no doubt you have too. It is always important to be prepared.
Finding Help if You Have a Low Income
Most people I know have built up their entire lives and have saved for retirement. But the fact is that there are so many people out there that have had to survive on a low income, and when retirement age comes, they’ve got nothing to rub together.
But there’s a very comprehensive list provided by Age UK, that can help retirees on low incomes, including helpful one-off expenses, as well as travel concessions. It is also a good idea to apply for a pension credit scheme to top up your pension. The Citizens Advice Bureau has up-to-date information on all of this.
The Newer Way To Enjoy Your Retirement…
A term that has been doing the rounds recently has been SKIing, short for “Spending the Kids’ Inheritance.” Many baby boomers have been funding their retirement in this way if they don’t have a proper pension. It might be something worth considering if you are worried about the quality of your life in retirement.
I know it can be difficult navigating money problems at any point in your life, but that’s not to say you haven’t got options. It is about being aware of what your options are, and ultimately, if you want to live your best life after retirement, you might need some money behind you. But there are always ways around the problem. It is important that we live our best lives in retirement, and after all, when it comes to money, we cannot take it with us.
