Retirement makes some aspects of money management simpler, but it’ll take time to get used to the changes. Here are some tips for managing your money after retirement to ensure a stress-free life.
Make a Budget
The first step to wise spending is to understand how much things cost. Figure out what’s important to you, whether that’s a trip to Italy or a new car, and see what cutbacks you need to make for that to happen. You can create a budget that prioritizes essential spending based on your savings while determining how much money you can use for recreational activities.
Wait To Start Social Security
You can start receiving your Social Security checks from age 62 to 70. If you’re in a position to wait for this monthly income, the checks will be much higher. Waiting even a few years can change your monthly check by hundreds of dollars, so hold off as long as possible to enjoy a higher standard of living later in life.
Create Retirement Income
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Keep your first bucket in a high-yield savings account as an emergency fund and your way to pay for living expenses for the next few years. The second bucket is for the money you’re planning on using in the next three to ten years—invest this money safely in bonds or certificates of deposit. Your third bucket is for a decade from now, so put that money into stocks with high growth potential.
Remember Required Minimum Distributions
Retirement accounts come with required minimum distributions, or RMDs, which are amounts of money you need to withdraw each year. If you don’t, you can lose up to 50 percent of your RMD. People under 72 don’t need to think about this quite yet, but you should keep it in mind no matter how far into your retirement you are.
Now that you know these tips for managing your money after retirement, enjoy this stage of your life without financial worries.
