How to Properly Educate Yourself on Retirement before Taking the Plunge
Many people put off planning for their retirement, thinking that ‘it is still too far in the future to worry about.’ However, the saying which goes, ‘The future arrives one day at a time’ perfectly describes why it is crucial for you to start learning as much as possible about retiring – before you hand in notice to your employer. Below are a few ways in which you can educate yourself about this crucial period of your life.
Read as Much as Possible
These days, there are numerous blogs, news sites and a range of excellent books that are devoted to the topic of retirement. Taking the time to read up on topics such as various investment options that are available to you, how to deal with your new found free time and whether or not you should continue working to supplement your income – and keep occupied – will help prepare you for when you are no longer working full-time.
Speak with Other Retirees
An excellent way to gain as much insight as possible into retirement is to speak with as many people as possible who have already gone through the process of stopping work and who are now living on their investment income. In most cases, these people will be able to provide you with hints and advice about how to cope and make the most of your golden years. Many retirees will even be able to point you in the right direction when it comes to looking for a reliable investment specialist or broker as well.
Always Obtain Professional Financial Advice
Although fellow retirees may be able to advise you with regards to which investment brokers or companies they are using, they will not be able to tell you where or how to invest your money. As a result, you need to ensure that you obtain as much professional financial advice as possible before entering into any agreements or purchasing any retirement products. When searching for the right investment broker, it’s important to trust your instincts and obtain as much information about them as possible before agreeing to work with them.
Start Saving Early
A surefire way to guarantee a retirement that is as stress-free as possible is to make the right financial choices beforehand. The earlier you start saving and investing for this period of your life; the more you will be able to enjoy watching your money grow year upon year – thanks to the magic of compound interest. Don’t make the mistake of waiting until you are in your late 40s or 50s to try and start investing for retirement, as you could find that you will need to invest as much as 60% to 70% of your disposable income just to be able to scrape by in your 60s and 70s.
If you would like to find out more about how you can retire happier or you would like to obtain investment advice, get in touch with us here at Dream Bridge today.