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David S. Chang

Finance Blog

How to Overcome Financial Challenges in Retirement

How to Overcome Financial Challenges in Retirement

The retirement years bring with them a number of unique challenges, especially in the financial arena. For individuals who are struggling to cope with financial challenges in the midst of retirement, knowing how to proceed can help make both the current challenge and future financial responsibilities easier.

With that in mind, let us examine some helpful tactics one could use to combat financial challenges in retirement.

Step One: Saving Early

Long before financial crises arrive, savvy seniors are choosing frugality to help manage their funds. Lowering spending in the early days of retirement ensures that there will be more funds available later on. Many seniors are able to lower expenses by decreasing the time they spend eating out or reducing travel costs in the early years of retirement.

Step Two: Budget for Fun

What is the use in a lifetime spent working and saving for retirement if, when that day arrives, it is not possible to enjoy it? Including fun as part of the retirement budget is critical. Each senior should examine what that means for them, whether it is participating in common activities with friends or traveling. It can also be helpful to take a solid look at the retirement budget to get a better understanding of what funds are genuinely there.

Step Three: Look for Income Opportunities

Retirement does not have to mean a complete step away from income. Many seniors are able to see continued income through investment opportunities, rental properties, consulting services, and more. Staying active can even help increase health and longevity, leaving many seniors free to better enjoy their retirement years.

Step Four: Plan for Emergencies

Developing a solid emergency fund and plan for emergency spending is critical at any stage of life, but it is even more important in retirement! Several things should come into consideration when it comes to emergency spending.

  • Quality matters. Purchasing a high-quality item can yield to substantial savings down the road.
  • It is important to have an emergency fund–ideally separate from the fund that normal retirement income is drawn from.
  • Planning ahead for potential catastrophes, from the need for long-term care to potential economic disaster, can help put the power back in the hands of seniors.

Overcoming financial disasters may be difficult for individuals in their retirement years, but it does not have to be impossible. Careful planning and preparation will make it easier to manage funds throughout the retirement years.

David's wealth management firm

WealthBridge Inc.

WealthBridge Inc. Twitter


About David

David S. Chang is an entrepreneur, wealth manager, keynote speaker, consultant and Chairman/CEO of Chang Holding Company. David is also the editor of The Art of Thinking Smart, a blog and finance column in The Star-Advertiser’s weekly Midweek with a readership of over 400,000 people. He is also proud to serve as an Intelligence Officer in the Hawaii Army National Guard.

A longtime expert in finance, David uses his executive roles in various companies under Chang Holding Company in order to help people achieve their personal financial and business goals throughout all phases of their lives:


WealthBridge Inc.

A wealth management firm (which has become ranked as one of the top in the nation and featured in Forbes)


WealthBridge Private Equity

A private equity and venture capital fund


Care for Life

A private-duty home and senior care company

Other companies under Chang Holding include GreenTech Pacific LLC and Pacific West Import/Export Hawaii.

David is the founder of The Art of Thinking SMART, The Art of SMART Money, and The Art of SMART Stocks. He created the Simple 4-Step System to Wealth and Financial Freedom. Supported by over a decade of research and driven by David’s desire to help others excel in all areas of their lives, this step-by-step online training program enables people to take control of their wealth immediately.

Everyone should have a financial plan, regardless of age, income or net worth.

David S. Chang

David has always loved to learn and seek out opportunities to achieve the American Dream– so it comes as no surprise that he has taken numerous continuing education courses in finance, investments, and insurance. He also completed the Chartered Financial Consultant® (ChFC®) program at The American College.

In 2015 David was chosen as a member of InvestmentNews’ 2015 40 Under 40 list of top young advisers and associated professionals in the financial planning industry. He has been featured in Forbes as one of America’s Select Financial Leaders. In 2013 David was selected as 40 Under 40 Military by, 2011 Pacific Edge Young Professional of the Year, 2010 Business Leader of the Year from the Pacific Business News Forty Under 40 and 2011 finalist for The Business Leadership American Savings Bank Business Leader of the Year.

In addition, WealthBridge Inc. was selected as a FIVE-STAR Wealth Manager for the State of Hawaii in 2014 through 2011, representing the top 2% of Wealth Managers statewide. In 2014 through 2012 WealthBridge Inc. was also selected by The National Association of Board Certified Advisory Practices (NABCAP) as a Premier Adviser.