Get the most out of your retirement
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You’ve worked hard, taken the time to prepare financially, and you feel ready to take on this exciting new phase of life that is retirement. Now that you’re here, you might be thinking about how you can use the money you worked hard to save to make the most of your retirement years.
Here are some tips to guide you in creating a budget that suits your lifestyle, however you want that lifestyle to look.
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Define your retirement priorities.
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You may have thought about this in the past, but now that you’re at retirement, have your priorities changed? Your retirement is a time to enjoy life, so you want to ensure you’ve made room in the budget for the fun stuff.
Think about what’s most important to you – whether that’s seeing the world, diving into new hobbies, or spending time with loved ones. Those priorities will help you identify how you want to spend your money.
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Track your income and expenses.
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List all sources of income and assess all necessary expenses, such as housing, utilities, groceries, and insurance. If you’re already into retirement, review your income and expenses to see if they match your expectations. If they don’t, you may have to make some adjustments to your budget.
You may find that you’re spending less on groceries than you expected, or that you’re spending more on medicine. Regularly review your income and expenses to make sure you’re on track and cut out any unnecessary expenses you don’t use.
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Practice mindful spending.
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Before buying or budgeting for non-essential items, ask yourself if they align with your retirement priorities.
If your retirement focus is travel, you’ll want to prioritize travel-related purchases. You don’t have to say no to all non-travel purchases, but being mindful of your spending can help you keep your budget on track.
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Budgeting tools and apps (even simple spreadsheets) can help you track your income and expenses, provide an overview of your financial situation, monitor your spending in real-time, and set financial goals, such as paying off debt or saving for a vacation. Some apps streamline the process, making it easier for you to create and maintain your budget and freeing up your time for fun retirement activities.
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Keep your money in a low-fee pension plan.
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You don’t have to move your money out of your pension plan to start using it. If your plan has low fees, leaving your funds where they are (and even transferring money in) can help bring your retirement dreams to life.
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Your retirement is a time for you to embrace the activities you love. A well-crafted budget that focuses on your priorities helps you make your retirement dreams a reality.
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Maximize your retirement funds with SPP and enjoy the peace of mind financial security brings. Start accessing your savings as early as age 55, with flexible options that put you in control of your finances. Choose the Variable Benefit to decide how much money you receive and when, or opt for a lifetime annuity that guarantees a steady monthly income.
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When you keep your retirement funds with SPP, you’ll have access to:
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The same reliable plan and friendly services you’ve trusted while saving for retirement.
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Fees of less than 1%* so more of your hard-earned money stays where it belongs: working for you.
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*Targeted MER of less than 1%.
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Questions about how to start collecting your pension with SPP?
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As an SPP member, you have access to retirement information sessions. We offer one-on-one and group sessions. Contact our office to set up an appointment.
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or call us at 1 (800) 667-7153
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