No Magic Money Tree

In the drop down menu for this blog there is a subject index revealing the list of topics that I have covered over what is now almost 5 years. The index is so much part of the furniture that I rarely look at it. Today, when I did, I was surprised to see that money, surely one of the most important features of any person's retirement, has hardly featured. Now I know that I am solely responsible for this blog's content but I am intrigued as to the reason for its apparent exclusion. 

Just as in every other period of life, there is no such thing as a magic money tree in retirement. Consequently we do trot along to see a financial adviser when asked and even allow ourselves to discuss inflation and interest rates occasionally, but no it is not something I have blogged about.

Is that because it's a boring subject? Probably not, going on the number of blogs out there proffering financial advice for retirement. 

Instead I can only attribute it to a feat of growing confidence. Prior to retirement there's obviously a concern as to income stream and expenses post-working life and the amputation of one's life blood or earnings.

In the initial stages of retirement, breathing deeply whenever you pay a bill or make a purchase, unsure how they will reflect on an imaginary end of year balance sheet, is all par for the course. Your adviser might even tell you that his job is to look after the finances so that you can enjoy your retirement, worry-free. No, we wouldn't believe him either and nor could we absolve ourselves of total  awareness.

Time, however, brings confidence and with it, or so it seems, a lack of blogging material.

Is there any insight I can give? Clearly it is preferable if pensions or other retirement income are sufficient to cover necessities with something left over to put aside for emergencies (including repairs and replacements), and perhaps a slush fund to draw on for extras to provide the retirement that you seek.

In retirement we certainly spend less on motoring and clothing, which we had expected. More of a surprise has been a reduction overall in household bills which may be attributable to time spent outdoors, away or socialising, although I prefer to think it's because we keep warm by being constantly busy. Inevitably leisure costs have taken a hike but that's what our slush fund is for. If we have cut down our expenditure at all then it is probably more in resisting impulsive purchases, particularly for purportedly labour-saving devices or services, as well as having the time to be more cognisant of pricing and to shop around. DIY is part of the lifestyle we enjoy and by simplifying the way we live, reducing, re-using and recycling (yes, I've said it again), once our basic needs are catered for, there aren't many extras that we absolutely have to buy.

For those who have spent a lifetime saving, it can be unnerving of course if or when spending equates to or exceeds income and that slush fund starts to reduce with no obvious route for replenishment. Sometimes we just need a change in mindset or the courage to say: "It doesn't matter."

After all, aren't bank balances meant to diminish in retirement? We can't keep counting them when retirement ends and nor for that matter take them with us.