To enjoy a secure and happy retirement, you will have spent many years working to accumulate a comfortable nest egg that can sustain you throughout your retirement years. However, it is not always possible to attain the financial resources needed to provide the comfort level you would like. 

Running out of money is a common concern for retirees. There is no financial plan or savings vehicle available that will guarantee zero financial uncertainty. Many providers of financial services might promise you certain levels of return on your investments, but in reality, the long term economic situation dictates your returns.

You might have a few financial concerns if your projected returns or savings have not been as expected. To minimize these financial concerns, here are five financial tips to help you achieve a happier retirement.

Downsizing Your Property

Having a larger home in your younger years may have been great for raising a family and entertaining friends. In retirement, you are unlikely to need as big a home, so downsizing is a good option to consider.

Reducing the size of your home also means reducing the expense associated with a larger property. Utility bills, for instance, will be drastically reduced, as will other running and maintenance costs. These reductions in costs are even more apparent during the winter months when the cost of heating a large home can be steep.

Another option for downsizing is to consider moving into rented accommodation. You should only consider this if renting is less than the cost of your mortgage and other expenses associated with homeownership, such as building insurance. 

Selling your home and moving into a rented property allows you to release a considerable amount of capital. Some of this capital can be reinvested, and some can be used to sustain a happy retirement.

Another benefit of downsizing your home is that you will have the chance to clear out a lot of clutter. You will have amassed a considerable amount of stuff during your working life, and it is all too easy to hold onto things that you neither need nor provide any emotional attachment. 

When you downsize, you can make some money by selling this clutter. Selling things on eBay or through local free-ads is simple. You’re bound to amass a nice little slush fund by doing this – funds that you can use on something you want or need.

Look For Seniors’ Discount Rates

One of the fantastic perks about becoming a senior citizen is the many discounts that you start qualifying for now. Over 60’s can get great discounts on all sorts of products and services. These discounts include money off hotels, car rental, restaurants, and even free public transport in some circumstances.

Most discounts are usually well advertised, and they are often offered as a matter of course. However, just because a discount has not been provided doesn’t mean that there isn’t one to be had. Get into the habit of asking if any discount is offered for senior citizens.

Shop Around For Better Value Services

Now you’re retired, you are going to have a bit more spare time. Use some of that time to examine all of your household bills. Go through all of your regular expenses and utility payments, and try to find more cost-effective providers. Saving on monthly payments for your home insurance, car insurance, electricity, gas, etc., will soon add up over the months and years.

Often, even just threatening to make a switch can open up a lot of cheaper options with your current supplier. Competitors are always keen to win new customers from a rival, so they usually offer attractive terms to switch. What’s more, they will often take care of all the administration required to make a switch, so there is no hassle to you at all – just potentially significant savings.

So, with just a short time searching the internet for cheaper alternatives, your retirement can get a lot happier.

Remove Unnecessary Expenses

The removal of unnecessary expenses is a significant way of making your retirement funds stretch much further. When you stop working, it can be challenging to cut back on the old spending habits you had when working.

All those little luxuries you enjoyed with your colleagues each day – the morning coffee, the mid-morning snack (and coffee), and the afternoon break (with coffee) – do you really need to keep that up? Not to mention the post-work drinks!

Cutting back on these unnecessary expenses will not only save you money; it will do your health a world of good as well. Two excellent outcomes to help make your retirement happier.

Sell or Downsize Your Car

When you have retired, you will probably find that you will need the car a lot less. There is no need for the daily commute for starters, so there’s a good enough reason in itself to consider life without a car.

Selling your car will give you a nice bit of cash in return. It will also drastically cut down your expenses on fuel, road tax, insurance, and maintenance. 

If having no car is a step too far, maybe consider downsizing to a smaller vehicle. You still might get some cash, and you are also going to save on the vehicle-related expenses mentioned above.

Summary

You have worked for a long time, and you deserve a retirement that is rewarding and brings you happiness. Being financially comfortable goes a long way to securing a happy retirement. Hopefully, following these five financial tips will prove beneficial and help your retirement be a long and happy one.