
How to Make Your Money Last
Brief Summary
“How To Make Your Money Last” provides guidance about making your retirement successful. While for many people, retirement is something that doesn’t require a lot of plans, this book explains why it’s so important to have detailed financial strategies. It also has valuable insights on how to manage your budget.
Topics
Key points
Key idea 1 of 9
The retirement period can turn out to be complicated for many people, especially for those who used to identify themselves strongly with their jobs.
Also, the problem is that most of us consider work to be an integral part of our lives. And then suddenly we have a lot of free time to fill with something. This task can be difficult even for people who have been looking forward to retirement.
The retirement process has five phases. The first one is preretirement – the period when you’re still working, but your thoughts are already in the near future. You make plans about what you will do in retirement, how you will allocate the budget, and what things you will pay attention to.
The next stage is the honeymoon. Congratulations! Finally, you have enough free time to do whatever you want. This period of excitement may last from just one week to a few months.
However, after the honeymoon, there is usually a period of disenchantment. You begin to feel emptiness, boredom, and a seeming loss of status. Some of your plans don’t come true, and the budget is insufficient. You feel the other side of these sudden life changes.
After a short phase of depression, you begin to understand that it’s time to adapt to new conditions and change something. Welcome to the stage of Reorientation! This is where you look at the situation more realistically, re-plan your budget, and eventually get used to a new role.
And finally, you reach the phase of stability. You’ve got used to the retired status and live your new life. While some retirees may get to this point pretty quickly, just after the honeymoon, it can take years for others.
To make this transition less disturbing, you should plan for days, weeks, months. Put regular activities, hobbies, and ordinary errands into your daily schedule. It will make your life more exciting and meaningful. Moreover, new activities can help you to make new friends.
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