Retirement is part and parcel of getting older, and the absence of a steady income can be frightening for some. That said, with a touch of business savvy, and a willingness to stay abreast of your finances, post-work life need not be daunting at all.

Here are five tips for getting ahead.

Don’t rely on cash

Many of us grew up at a time when cash was king. Consequently, it feels natural to walk around with a wallet of notes, as opposed to relying on plastic.

But keeping cash under the proverbial bed is a very good way of losing money – and never having the means to reclaim it.

A credit or debit card is far safer. Why? Well, transactions are tracked and traced and often the bank will alert you to a suspicious transaction before you’ve even noticed it. The same luxury doesn’t apply to cash.

Get a financial expert – but choose wisely

A financial adviser can help you invest your funds and build passive income in your later years. However, never take someone’s designation at face value, as a grand-sounding title can mean very little in practice. Instead, investigate what their qualifications are and what those qualifications actually mean, as the training and regulatory oversight a financial adviser has had to undergo isn’t always uniform across the board.

Nominate a power of attorney

A power of attorney is someone who looks after your finances (and your wellbeing).

If you make them “durable”, they’re able to look after you if you become mentally incapacitated. A non-durable power of attorney is not afforded the same luxury, however, so choose wisely.

A few points to keep in mind:

• Should you wish to nominate a power of attorney who resides in another state, make sure this is allowed.
• It’s a good idea to understand how to revoke someone’s power of attorney. This will depend on the state you’re in and the level of control you’ve given them.
• There’s no harm in naming a “power of attorney monitor – someone who has the authority to look at the work the attorney is doing on your behalf.

Consider working part-time

Formal retirement doesn’t mean you suddenly lose your saleable skills, and many retirees continue to ply their trade part-time. Consider teaching an online course or lending your expertise remotely. The power of the internet means you don’t need to travel to and from an office to make a small living. Quite apart from the money you earn, the act of keeping busy is often the most rewarding thing of all.

Monitor expenses

Chances are you’ll be living off your pension and/or investments in retirement. With less money coming in, monitoring your outgoings becomes a necessary evil. Keep a spreadsheet of the costs you’re incurring and consider cutting back on the luxuries you no longer really need.

While you’re at it, keep your eyes peeled for discounts and special deals reserved solely for seniors. Don’t feel bad about comparison shopping – retirement lessens your earning power and if there are better deals doing the rounds, you should jump at them.