September 23, 2020 2 min to read
The secret of successful retirement planning
Category : Finance
Have you ever imagined yourself waking up to the smell of freshly-brewed coffee and the aroma of a home-cooked meal in the crisp morning air and not having to worry about how your day would go with all the traffic, the sweltering heat, and the seemingly endless pile of work at the office?
Sure, we’re all looking forward to that day that we can finally break free from work that we dedicated almost thirty years of our lives to.
But the harsh truth is not everyone wakes up with a cup of brewed coffee nor a home-cooked meal in the morning after their retirement.
Recent statistics revealed that the number of retirees would significantly increase by 2030, and although 76% of people say that their main long-term financial goal is to provide for their retirement, only 25% have implemented a financial plan for their retirement, while another 25%are still at the planning stage, and the rest (50%) do not have a concrete financial plan in place.
Retirement planning can also begin with educating yourself on the rules of the country and how to adhere to them. While most people live in an open country, you should make sure that you stay within the bounds of law. Not doing so could have dire consequences down the road.
This means that the continuously increasing inflation rates and decrease in retirement support from the government because of a rapidly ageing population may have adverse effects in the future and if you are one among those who do not have a concrete retirement plan by this time, this article may come in handy for you to guide you in making an informed decision:
Another survey made also revealed that people generally perceive planning for retirement as a highly intimidating task that requires a lot of money, effort, and time yet will only pay off sometime in the far future.
So, what is retirement planning really? Is it really intimidating? Simply put, retirement planning is the process of identifying financial goals and planning the allocation of your finances, whether in terms of savings or revenues after you stop working.
Having a good retirement plan will enable you to achieve financial independence to help you deal with medical, estate, and tax expenses as you age.
There are several reasons why retirement planning is very important. Today, we’ll list the Top 5 reasons why you should start planning for retirement now.
The continuous rise in prices of commodities severely affects the rate of inflation worldwide. In the coming years, it is predicted that if inflation rises by 5% annually, then the cost of retirement will…
Continue reading the article and learn more about retirement on Daisy Linden’s blog.