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Making Your Money Last During Retirement

Your golden years are the time when you want to do all the things you didn’t do when you were younger, travel, learn a new skill, play golf, fish, or simply spoil your grandchildren.  

However, to ensure that your investments and retirement savings can stretch, for potentially 20 or 30 years after retirement, you need to plan carefully and think a little out of the box.  

Partner with a good financial advisor

The best way to make sure your money grows, even after retirement, is by having the right people in your financial corner. Not only can Carrick’s team of financial experts, for example, help you plan for retirement, they can then help you manage your investments throughout your retirement and advise you on how to navigate the things that impact the long-term value of your savings, including inflation, market volatility, currency risk and tax.

Continue working

Age is just a number, and if you retire at 65 you may well feel you have it in you to continue working for a few more years. Extending your working life can make a significant difference to your savings. Consulting or working part-time can help you continue contributing to your retirement savings or cover your expenses so that you do not have draw on them for a few more years.  

Start a side hustle

Perhaps you need a break from the career that sustained you for the last 40 years. Retirement is the perfect time to turn a hobby into an income generating business. You can make a little extra on the side from sewing, painting, making furniture or as a handyman. Not only will it keep you busy, but a side-hustle can turn into a very lucrative activity.  


Ideally, as you plan for retirement you should endeavour to pay off your house and your car to minimise fixed costs later on in life. On retirement, you may then want to consider downsizing both your house and your car. By selling a large house, for example, you can buy a smaller home using the cash, and then invest the residual amount. If you buy a smaller run-around vehicle, you can save on petrol, insurance, and overall running costs.  

Renting out the granny flat

If your property allows you to rent out some space this may be a good way to earn some extra money. The granny flat your built for your ageing mother, may be the perfect place for a tenant. Not only will you earn a monthly income, you’ll also have a person on hand to help look after your house and pets when you go away – which can, in itself, be a significant saving.  

Budget and pay off debt

Another way to extend your retirement savings, is to budget carefully. Pay off any debt and trim any unnecessary spending. This way you minimise your fixed costs. Also, make sure you keep putting money aside to cover unforeseen, but big, expenses, like a broken gearbox or a roof repair.  

Maximise reward schemes

These days most retail brands, banks and medical aid schemes have a reward scheme on offer. Investigate how these can work for you. There are significant savings to be had by making use of discounts on shopping, flights and paying with rewards points on offer.  

Look after your health

Your health is key. Not only can you not live life to the fullest if you are unwell, but poor health is expensive. Doctors’ appointments, operations and monthly prescriptions are all unwelcome expenses. Make sure that your diet is optimal for good health, exercise and get involved in activities that ensure your mental and emotional wellbeing, like joining clubs, visit friends and family, and going on holidays.  

Financial concerns are the last thing you want in retirement. However, if you plan carefully and spend wisely, you can enjoy life after work to the fullest. Afterall, retirement is there to be celebrated.  

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