Learn More about Retirement before Taking the Plunge
A number of working individuals delay planning for their retirement because they think it’s too far in the future to worry about for the time being. However, the truth is that the day you turn 60 or 65 will arrive a lot sooner than you realize so it’s important to familiarize yourself with as much information as possible pertaining to retirement – before leaving the office for the last time. This can be done in the following ways.
Read, Read and then Read some more
Nowadays, there are more blogs, news articles and well-written books that cover the various aspects related to retirement. Spending some time reading about topics such as available investment options, dealing with the extra time you will have on your hands after stopping work and whether you should consider working part-time or not to keep busy and perhaps supplement your income will go a long way in helping you to prepare for this time of your life.
Network with Others who have Retired
Another great way to learn more about what retirement is like is to network with individuals who have already stopped working and are now living off of their investment income. Most of these individuals will be able to tell you how to make the most of your limited funds and still enjoy your newly found free time to the fullest. Several retirees will normally even be willing to provide advice regarding finding an honest and reliable investment specialist as well.
Seek Professional Financial Advice
While it’s possible for fellow retirees to give you leads or information about specific investment brokers or advisors, they will not be able to tell you how or where to invest your finances. As such, it’s crucial that you obtain professional financial advice before purchasing any retirement or investment products. While you’re looking for the right investment broker, ensure that you obtain as much information as possible before making your final decision – your retirement literally depends on it.
Start Saving as Early as Possible
One of the best ways to help ensure that your golden years will be as financially stress-free as possible will be to start making the right money-related decisions immediately. The sooner you get started with setting up and contributing to as many savings plans as you can realistically afford to, the more your money will be able to grow because of the power of compounding interest over the years.
Don’t wait until you’re in your late 40s or 50s to start putting money away for retirement because this could mean that you’ll have to save as much as 70% of your disposable income just so that you’ll be able to afford the essentials by the time you reach your 60s and 70s.
If you are keen to learn more about ensuring that your retirement years will not be spent stressing over finances, get in touch with our team today. We will assess your financial situation and help compile a realistic savings and investment plan for you.