Retirement marks a major transition in an individual’s life. Daily routines shift, careers come to an end, and personal priorities often change. With more time for family, hobbies, travel, or even relaxation this stage of life can be deeply fulfilling, but it also brings new challenges, especially when it comes to finances.
One of the biggest adjustments in retirement is moving from a regular paycheck to a fixed income, such as a pension or savings. This change makes money management more important than ever. Without proper planning, it’s easy to overspend or underestimate long-term needs.
In Malta, while basic healthcare is provided through a national system, retirees may still face out-of-pocket costs for private services or specialised care. Being financially capable means knowing how to budget for both expected and unexpected expenses. This is where an emergency fund becomes essential. It provides a financial cushion for unforeseen medical costs, home repairs, or other urgent needs, helping retirees avoid debt and maintain peace of mind during their later years.
Unfortunately, older adults may be more vulnerable to scams and fraud. Strong financial literacy helps protect against these risks and supports confident, independent decision-making.
Good money management during the well-deserved retirement phase isn’t just about numbers, it’s about security, peace of mind, and maintaining freedom and independence, enabling an individual to enjoy this important stage of life.
To support older adults in navigating these challenges, Ġemma offers sessions on fraud prevention. It also provides education on money management, budgeting, and financial literacy. For more information about the sessions held by Ġemma, you can contact Active Ageing. Please visit our website, where you can download free resources and e-books designed to help you manage your finances more efficiently and plan confidently for the years ahead.