Recently retired or a seasoned retiree?
Many things get better with age. The same goes for your retirement. At KBC, our goal is to help you enjoy your retirement to the fullest – physically, mentally, socially and financially.
Ask anyone young and they’ll say retirement is basically a never-ending holiday. Obviously, it’s so much more than that. You regain control of your time, which can take some getting used to, but it also means you now get to decide what you want to do and when.
You might even be busier after you retire because you’re looking after an elderly relative or your grandchildren, for example. But you’ll likely want to spend your time on other activities as well:
- Taking up a new hobby, pursuing a sport or joining a local club is a great way to meet people and replace the social contacts you used to have at work.
- If you’re looking to do something more meaningful with your time, you could consider doing voluntary work.
- If you’d like to earn a bit of extra money, almost all sectors now offer flexi-jobs.
What’s the situation for retired self-employed business owners?
Learn more about your options: continue to actively run your business, or choose to hand it over or wind it up.
How you spend your time isn’t the only thing that changes after retirement. The way you manage your bank account also needs to adapt to your changing income and expenditure:
| Income | Expenditure | |
| Your state retirement pension (instead of your salary) | Home (may be lower if a loan has been paid off) | |
| Additional pension income (group insurance, long-term savings, etc.) | Everyday expenses (may be higher due to you having more free time) | |
| Other (rental income, investments, your partner, etc.) | Insurance and health care costs (usually increase as you get older) |
If you’re able to maintain a healthy balance between your income and expenditure and have a comfortable financial cushion to fall back on, this might be the perfect time to finally make a long-held dream come true. Have you decided on that motor home, round-the-world trip or something else entirely?
Whether you’re 28 or 82, this golden rule never changes: keep looking ahead and make smart choices. For example, you can start long-term saving right up until just before you turn 65, or take out an additional contract to continue receiving tax relief during retirement.
If you’ve already built up some capital through a savings account, investment portfolio or group insurance scheme, now is a good time to review your strategy. You may find it worthwhile to adopt a more defensive approach to investing or to have your accumulated pension fund paid out monthly.
Have assets of more than 250 000 euros (to invest)?
Arrange a meeting with KBC Private Banking. A private banker will then be appointed as your dedicated contact, supported by a team of specialists.
Another valuable asset for a carefree retirement is your property. Perhaps your home needs renovation, adjustments are needed to ensure you can spend your later years there comfortably, or you feel it would be better to move somewhere smaller. Moreover, an investment property can provide extra income. Check out MyHome for a wealth of information on buying, selling, renting, renovating and moving.
With every new stage of life, it’s important to adjust your insurance accordingly. Perhaps your hospitalisation insurance through your employer has been discontinued, in which case you should check whether you’re still adequately covered in the event of illness or accidents. You can also protect your bank accounts against digital fraud. Schedule an appointment with one of our experts at KBC to review your insurance policies together.
Lastly, the topic nobody likes to talk about: what if your health starts to deteriorate one day? Nobody likes to think about it, of course, but preparing as much as possible before anything happens is one of the best things you can do for yourself and your family:
- Would you like to make a gift now and/or is your will up to date?
- If you’re in a relationship, is the surviving partner properly protected?
- Who will you grant medical or lasting power of attorney, should the need ever arise?
Keep moving forward, including with your finances and insurance
One last piece of good advice is to review your situation over the years. Because everything keeps changing in life, even during retirement. If you’d like to go over your finances and insurance policies with us, make an appointment at a bank branch or an insurance agency.
