“If you see someone happy on a Monday, it means one has retired.” We, as humans, have few luxuries we rather say, enjoy too much for our own benefit; coffee breaks from work, annual vacations, taking some time out from studying, and alas, retirement (basically, the longest coffee break in existence). With the urge to pre-plan things, it’s essential to have a meticulous plan after breaking up from a love/hate relationship with your work life.
Everything works out at the end, right?
Well, what if it doesn’t? It’s not that life goes according to your plan always, but you have to be a fool to expect a fruitful outcome without putting much thought into retirement. The average life expectancy is estimated to rise continuously; according to a survey, an average American person’s age creeping towards 80 years old that one needs a substantial amount of finance to be supported to live a comfortable life.
This means planning extensively to save enough as no one wants to be a living burden on another soul. We don’t want to weigh our kids down with our added responsibilities that they are forced to send us to an old house (it’s a nightmare for us all, I believe.)
To save oneself from the misfortune of being penniless, one should stick to certain retirement planning early on.
No job. No stress. No pay
We all fear the time where we don’t know what we don’t know. Relying too much on a pension or on social security is a crime against oneself; one should avoid it at all costs. Regardless of the eligibility for medical coverage and monthly benefit from Social Security, it doesn’t guarantee one a lifestyle we are accustomed to. It also ensures your estate plan aligns with your legacy goals. Money problems can take a toll on one’s physical health- an added stress.
A chance to cross off the bucket list
Our life is a mix of working years of grinding with softer periods of childhood and retirement. One can cross off all lifelong aspirations we tend to pile up, saving it for another period. It’s high time to live a fulfilling life rather than stressing over budgeting.
If you have enough funds you can dip into, you are more likely to be able to reduce your taxes by diversifying your income sources and live a lavish life yourself with your family. You should have access to a company-sponsored retirement account such as a 401(k) plan or contribute to a tax-deferred retirement account.
You can organize a retirement party and bring everyone you love together. If you are in the civil service, you can gather all your colleagues together. If you were working in the military, as a firefighter or policeman, expect to receive personalized gifts, such as police retirement gifts, for example. People will want to give you something memorable, as one crucial chapter of your life is closing, and the new one begins.
Today, Not tomorrow!!
“There’s no tomorrow. All we have is now.” By starting planning early on, a big-picture context helps one make better career and financial decisions. Working with existing wealth managers helps to have a good portfolio of assets, make sure your expenses, listing of your goals, that sustain a long and fruitful retirement. And that is the ultimate peace of mind.
