Progressing in years has many benefits. For a start, the accumulated life experience alone means that the wealth of knowledge built up over the years frees us from relying on others for help and answers. We get it. We know how things work. We can sort ourselves out. 

Secondly, the struggle to excel and achieve is largely left to the younger generations, meaning our autumn years can be spent in peace having said a fond farewell in large part to the rat race. Instead, we can spend more time on our friends and family, and taking up new hobbies and getting better at old hobbies, the way things should be.

One thing that many of us do not prepare for is the change in our financial situation after retirement. Things change. And we must change with them to keep on top of everything. Questions over pensions start to be asked, and queries over other entitlements that all need to be arranged may start to creep out of the woodwork (for example, see this calculator for working out Veterans Affairs benefits). Without further ado, we’re going to look at a few top tips that can help senior citizens to plan their financial comings and goings, helping to make sense of it all in a way that is straightforward and easy to understand.

First thing is first – pension planning

Upon your retirement, your income will be drawn almost exclusively from your pension (unless you have other means of income). As simple as it may sound, the trick is to calculate your outgoings once you retire and compare your monthly expenditure to your income from your pension. Remember to factor in things like savings on your commute, and look into whether you qualify for any benefits such as reduced travel costs, disability allowances, or home heating allowances. This can help you to plan an accurate monthly amount that you can comfortably spend to live within the means of your pension.

Make sure you’re not paying too much on bills

This is talked about time and time again, because it’s true and it can really save you money. If you’ve been with an energy supplier, car insurer, mobile/cell phone network provider, home insurer, etc., for a number of years, switching to a new provider will likely save you money. Many price comparison sites are available – it’s easier than you think to stop paying more than you need to.

Get into money saving habits 

It’s time to accept that you’re not perfect when it comes to remembering to do all the little things that can save money around the home. But by starting to improve things now, your bills will start to come down, so it’s definitely worth trying to get into better money saving habits around the home. For example, switching off any unneeded lights will save money. Turning down the thermostat will help, too. As will improving your home insulation. The small things add up, and you could be missing out on savings by failing to follow simple energy saving rules.