Martin Lewis has shared an important rule about how to spend your money in retirement. Speaking on his BBC podcast, the financial expert endorsed a listener's approach to enjoying savings while still able.
Chris, a 62-year-old listener enjoying early retirement, urged people not to feel remorseful about using money they have worked for throughout their lives. He said: 'My policy is to enjoy now the money I've saved as in another 15 or 20 years, I might not be able to, or wish to enjoy the things or visit the places I want to now.'
Mr Lewis fully endorsed this approach, stating that money has two purposes: utility and happiness. He advised planning for the worst but spending wisely on things that bring value and joy, while minimising waste on necessities.
He also reminded those in their early 60s to consider when they will be eligible for their state pension. The current state pension age is 66, rising to 67 by April 2028. The full new state pension requires 35 years of National Insurance contributions and is currently £230.25 a week, rising to £241.30 from April.
Pensioners can check their state pension entitlement on the Government website and may also be eligible for benefits such as Pension Credit, which provides an average of £4,300 a year, Attendance Allowance, Winter Fuel Payment, and Cold Weather Payments.
