We like to think that, when we retire, we’ll have time to do all those activities that are on our “wish list.” We’ll travel, spend time with friends and family, explore new opportunities that will enhance our lives and expand our sense of possibilities. But to have the retirement life we desire, we should retire our worries first and need to start planning now.
There could be various worries depending upon the life stage, liabilities, incomes, lifestyles etc. but it is important to pen down the ones which you feel are concerning like:
1 will I have enough money to live throughout my retirement
2 what would happen if I outlive my savings or assets
3 what would happen in contingency or major hospitalization
4 who will inherit my estate
5 what if I would need long term care
Somewhere along the road to retirement, it is a good idea to look your “map.” Will your ride be smooth or filled with potholes? How far off is retirement day, and do you have sufficient financial resources to last the journey? Regardless of your current location along this road, it is important to recognize that the financial “bags” you have packed may only take you so far.
Many people in their prime earning years do not save enough for retirement. One advantage of being relatively young when you start saving for retirement is that you can potentially save more due to your longer planning horizon. The more you accumulate before retirement, the less you may need to worry about working during retirement to maintain your desired lifestyle. For these reasons, it is important to spend time now developing a strategy—or “road map”—for retirement.
1 what age you want to retire
2 How much income you will need post retirement to live life of your lifestyle
3 what is the corpus you would require for having desired income
4 Determine resources for your retirement needs
5 Clear all your liabilities & debts before you retire
6 Plan a buffer for a life beyond life expectancy
7 Have adequate risk management
8 Make provision for a contingency even if you have a insurance
9 Make a will and update it regularly
10 Keep your partner informed about all your assets & liabilities
Retirement may seem a long way down the road, especially when you have immediate and pressing family concerns. However, the younger you are when you begin planning and taking advantage of your saving opportunities, the better prepared you may be for retirement. Why not pause now to review your long-term strategies? When you reach retirement, you may be glad you took to the time to navigate any detours or potholes on the road to your financial future.