{"id":3360,"date":"2019-04-12T01:45:11","date_gmt":"2019-04-12T01:45:11","guid":{"rendered":"https:\/\/greenviewpark.co.nz\/?p=3360"},"modified":"2019-04-12T01:46:09","modified_gmt":"2019-04-12T01:46:09","slug":"managing-money-in-retirement","status":"publish","type":"post","link":"https:\/\/greenviewpark.co.nz\/managing-money-in-retirement\/","title":{"rendered":"Managing Money in Retirement"},"content":{"rendered":"

Finances can be one of the largest stressors for retirees. Transitioning from employment isn\u2019t just about regaining your free time, but also marks a new financial chapter. Consider these aspects to manage your money and get the most from your golden years. <\/span><\/p>\n

Sources of Income<\/b><\/h2>\n

Going into retirement can be a big transition from full-time work, especially as it changes where we get our income from. Many get their income from three main groups: NZ Super, personal savings, and part-time work. NZ Super is a government-run pension available for all those 65+ who live in New Zealand, the Cook Islands, Niue or Tokelau, and meet the requirements. How much you may get per week depends on a range of personal conditions such as whether you live alone or have a partner. It is recommended that you apply for NZSuper eight weeks before you turn 65 so you don\u2019t miss any payments. Alongside NZSuper is the SuperGold Card, which gets automatically sent to you when you apply for NZSuper. This card gets you discounts, offers and free services (such as off-peak free public transport.) An alternative source of income is your personal savings which you may have acquired while working. This is important to consider while you are still working as NZSuper often isn\u2019t enough, especially if you have high lifestyle goals. If you would rather have a different source of income, that you can generate while being retired, many retirees part take in some sort of part-time work. Some of the most prominent work opportunities for retirees are as consultants for your previous career, tutors, pet sitter or as a blogger. These will not only introduce a few extra dollars to your budget but can be something you enjoy! <\/span><\/p>\n

Owning Your Home V. Renting<\/b><\/h2>\n

Depending on your current financial standing, and whether you currently own your own home, it can be valuable to evaluate whether owning or renting is better for you. Owning your own home is a part of many people\u2019s life goals, and can be a huge asset in retirement. With it comes stability and equity, and the opportunity to generate extra income by renting it out for short periods with services such as Airbnb. However, it is important to consider that as a homeowner you are liable for increases in rate, insurance and any repairs. As we age, and our mobility decreases, repairs become more difficult to handle ourselves. <\/span>
\n<\/span>The alternative is renting, which is more flexible but the costs tend to vary more. Renting can be of benefit when you want the flexibility of moving away or moving into a village. Plus, you are not responsible for maintenance on your home. Another option is retirement village living, which has the benefits of renting and ownership. Moving into a retirement village allows you to own your home, steady costs, control of your home while your provider provides additional support you wouldn\u2019t otherwise get. At Greenview Village, we can handle the exterior maintenance, as well as having many facilities and activities to make you feel right at home. Retirement village living also allows your home to adapt with you to suit changing care needs. With an on-site aged-care hospital, your friends and loved ones are never far. <\/span><\/p>\n

Budgeting<\/b><\/h2>\n

One of the most important aspects of money management throughout your life is budgeting. It becomes especially important once you retire! It is typically recommended that you will need at least 80% of your pre-retirement income to live on. However, budget to your priorities. If you have been dreaming of a ski trip on the French Alps, consider cutting down on other expenses for travel. Alternatively, maybe you would like to put some money aside for your grandkids. Whatever your priorities are, adjust your budget and spending habits to make these possible. By determining your lifestyle goals, you can evaluate how much you would like to spend each week, and how much you can afford to. It is important to balance living the retirement you want with still having savings for your later years where costs tend to increase. <\/span><\/p>\n

Ask for Help<\/b><\/h2>\n

Don\u2019t be afraid to ask for help! There are many resources to help you manage your money, create budgets, and stick to them. Consider reaching out to family to help determine your long term goals and expected costs. You can also use one of the provided resources for additional help. For questions concerning what you can expect financially from living at a retirement village, please <\/span>contact us<\/span><\/a> with any questions.<\/span><\/p>\n

Money Talks Hotline: 0800 345 123<\/span><\/p>\n

Money Mates Peer Support Group: <\/span>https:\/\/www.msd.govt.nz\/what-we-can-do\/providers\/building-financial-capability\/moneymates.html<\/span><\/a><\/p>\n

Free Financial Mentor: <\/span>https:\/\/www.moneytalks.co.nz\/find-a-service\/<\/span><\/a><\/p>\n

We also recommend <\/span>Sorted <\/span><\/a>for general money management resources, tips, and advice<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Finances can be one of the largest stressors for retirees. Transitioning from employment isn\u2019t just about regaining your free time, but also marks a new financial chapter. Consider these aspects to manage your money and get the most from your…<\/p>\n","protected":false},"author":8,"featured_media":3361,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"yoast_head":"\nManaging Money in Retirement - Greenview Park Retirement Village<\/title>\n<meta name=\"description\" content=\"Retiring marks the start of a new financial chapter, and there are many things to consider. 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