Sometimes, going smaller doesn’t means less enjoyment

You’ve paid off your house, you’ve put your kids through school and you’ve created enough income streams to ditch your day job forever. Congratulations, you’re now comfortably retired!

You’re probably going to play more, travel further, and have a lot more fun. Now’s probably the time to “rightsize” some things to suit the needs of your new lifestyle, and ensure a comfortable retirement. Let’s take a look at some of the things you should consider rightsizing for retirement!

Key Takeaways

• Stretching your retirement dollar is key to enjoying your silver years.
• Downsizing your home might make it easier to clean, and more affordable to maintain.
• A car is a costly thing to maintain in your retirement.
• Your insurance needs will change as you age.
• Review your recurring memberships and subscriptions.

Having a smaller home

It’s not that you can’t afford a larger home, but why put yourself through the hassle of paying more for maintenance costs and property taxes when you’re going to be out there seeing the world more often now? The fact is, downsizing your home doesn’t mean you will be compromising on comfort. A smaller home can be cozy, easier to clean, and convenient to maintain in the long term. A small and minimalist home can still be dreamy and comfortable.

Financially, downsizing can mean generating some extra liquid cash on hand for yourself. Depending on your situation, this might also allow you to stretch your retirement dollar a little more, and create more room for you to explore new activities that you couldn’t have done when you were not retired.

Consider cancelling that car

We all know that driving a car is not going to get any cheaper. The good news is that as a retiree, your daily commute is going to disappear. Instead of having to go to and from work every day, you’re going to be able to pick when you want to leave the house, and where you’re going to.

If feasible, you could consider selling off your car to save money on car insurance, maintenance, and fuel costs. Alternatively, you could trade in your larger, gas-guzzling continental car for a smaller, more fuel-efficient one. You can also consider using public transportation, cycling, walking, or ride-sharing services to contribute to cost savings.

Essentially, by reassessing your transportation needs and making changes, you can free up significant funds, reduce your environmental footprint, and even improve your health with added exercise from walking or biking.

Adjusting your insurance needs

While you still need to be insured for, you might not be able to upkeep plans with high premiums. If you have recurring income streams, you might not want to keep putting money into endowment plans or investment-linked plans.

The one part of insurance coverage that you might want to look at is your critical illness coverage. After all, the probability of getting some kind of critical illness rises with age, so you should consider adding more protection to protect your nest eggs should anything happen.

One way to do so is through critical illness plans like the  , which provides affordable, and flexible cover that starts from $30,000 all the way up to $300,000. This policy covers all stages of cancer, amongst other critical illnesses. Policyholders can also opt for a heart and neurological disorder rider, which covers the emergence and treatment of common heart and brain related diseases.

Saving on memberships and subscriptions

It’s probably a good idea to go over all the recurring payments you’re making for any memberships and subscriptions. Individually, they might be small payments, but they snowball over time and can put a drag on your retirement funds.

Some memberships you might want to consider reassessing include professional associations that you might have been a part of during your career, magazine and newspaper subscriptions that can be found cheaper online, multiple streaming services that you might not use often, and even software subscriptions that you might not need in retirement.

Travel on your budget

It’s time to stretch your legs and really take in the world. In fact, there are plenty of ways you can maximise your dollar while you jet around the world.

You can use your flexibility of time to your advantage by travelling off-peak. You’ll get cheaper hotel stays, more affordable flights and even deal with less people during off-peak months. You can also consider using travel rewards credit cards, which help by giving you perks, upgrades and discounts when you need it the most.

Here’s to a worry-free retirement!

No one likes to be taken by surprise, but it helps to have the necessary protection as we enter our golden years. That’s why it can be useful protecting your loved ones and you. Tiq’s 3 Plus Critical Illness is one of the best critical illness insurance in Singapore¹ because it is highly affordable, starting at 24 cents a day for quick coverage with little fuss. Coverage is offered in $1,000 increments, starting from $30,000 all the way up to $300,000. Tiq 3 Plus Critical Illness also has a 20% payout of the sum insured upon diagnosis of Diabetic Complications or Severe Rheumatoid Arthritis (SRA), to help you deal with unexpected diseases of affluence.

As you navigate life’s winding road, be secure in the knowledge that you’re protected, whatever happens. Discover the right insurance plan to protect your family and ensure peace of mind. Click here to receive a personalized quote today.

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¹ Source: Value Champion Best Critical Illness Insurance Feature

Information is correct as of 07 September 2023. This policy is underwritten by Etiqa Insurance Pte. Ltd (Company Reg. No. 201331905K). This content is for the reference only and is not a contract of insurance. Full details of the policy terms and conditions can be found in the policy contract. The information contained on this product advertisement is intended to be valid in Singapore only and shall not be construed as an offer to sell or solicitation to buy or provision of any insurance product outside Singapore. You should seek advice from a financial adviser before deciding to purchase the policy. If you choose not to seek advice, you should consider if the policy is suitable for you. As this product has no savings or investment feature, there is no cash value if the policy ends off if the policy is terminated prematurely. This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit us the Life Insurance Association (LIA) or SDIC web-sites (www.lia.org.sg or www.sdic.org.sg). This advertisement has not been reviewed by the Monetary Authority of Singapore.

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