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It\u2019s no secret that we are generally living longer. The average time spent in retirement in the UK is currently 22 to 25 years[1]. Whilst this means you\u2019ll have more time to enjoy your retirement, it also means you\u2019ll need to plan to ensure your money can last.<\/p>\n
Things to take into account<\/strong> 1. Spending money on your home<\/strong> Things you\u2019ll need to plan more carefully once you\u2019ve retired <\/strong><\/p>\n 1. Holidays<\/strong> Source data:<\/strong> How our spending might change in retirement Living longer is a good thing, right? Most people would probably agree with that. Living longer means more time to enjoy all the world has to offer and more time to spend with cherished family and friends \u2013 and everyone wants at some point to stop working and… Read more »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/posts\/2188"}],"collection":[{"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/comments?post=2188"}],"version-history":[{"count":0,"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/posts\/2188\/revisions"}],"wp:attachment":[{"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/media?parent=2188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/categories?post=2188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/tags?post=2188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nAs we\u2019re living longer, have you considered once you\u2019ve retired where your money will go?<\/p>\n
\nIf you\u2019ve paid off your mortgage, then your costs will be low. Consider how you\u2019ll pay for upkeep on your home, including repairs, replacements and improvements. If you\u2019re renting, you need to factor this cost into your budget.
\n2. Costs for your children and grandchildren<\/strong>
\nIf your children are yet to fly the nest, planning on going into higher education or wanting to buy a house, you may need to budget to support them. You might want to help your grandchildren too.
\n3. Travel<\/strong>
\nYou may save money on transport costs because you won\u2019t be commuting. You may even be eligible for free or discounted public transport. These savings could be put towards other areas of your budget.
\n4. Entitlements<\/strong>
\nRemember to check out all the potential help and support you could be entitled to when you reach retirement or certain ages. For example, travel passes, reduced costs at leisure centres and help with your winter fuel bills.<\/p>\n
\nChances are, you\u2019ll want to travel and take more holidays once you\u2019re retired. What\u2019s on your wish list, and will your budget stretch to cover these trips? It\u2019s also worth factoring in travel insurance, which can be more expensive for over-65s.
\n2. Heating and bills<\/strong>
\nYour utility bills could increase if you spend more time at home. Look into the Winter Fuel Payment \u2013 you could be eligible for some tax-free support to help towards your bills.
\n3. Looking ahead to the long term<\/strong>
\nWe\u2019re living longer now than ever before. Careful planning for things like long-term care for you, your partner or your parents will help you budget for your whole retirement.<\/p>\n
\n[1] Based on data for England and Wales. Office for National Statistics, Nov 2014.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"