Retirement is often portrayed as a wonderful experience in the media today, senior citizens lead active lifestyles and thanks to medical advances they also live much longer. A longer lifespan also means that retirement funds will have to stretch for much longer. This means that before you decide to retire, you have to educate yourself on the ins and outs of retirement and ensure that you have properly provided for your life in old age. Life without a proper retirement plan can be a nightmare, especially if you do not have family who are able to help you out financially.
Staying on Longer
More and more seniors are putting off retirement, with better health more, and more people are finding that they are able to work well into their sixties before they even contemplate slowing down and retiring. For anyone who enjoys working, retirement may be something they dread, and for this reason alone you should consider staying longer at your company.
As the saying goes, with age comes experience, and there is nothing more valuable in any profession than experience. If you have the experience and are still up to date with the developments in your field of work, why not negotiate a higher salary for yourself and retire only when you are truly ready. Even working part time after retirement can be fulfilling to someone who loves his or her profession and can’t imagine life without working everyday.
Providing for the Future
The importance of a good plan cannot be stressed enough, there is no fun in retirement if you suddenly find yourself financially dependent on someone in your later years. To avoid your children shouldering the burden of your finances when they have growing families, it is best to act now and start a retirement plan for yourself. Even if you are provided a pension during retirement, you should look into any kind of investment that can provide steady income for you once you are no longer working.
Pensions often are not enough for monthly expenses, let alone the extras you want to enjoy in old age like travelling or taking up a new hobby. Consult a professional to set up a retirement plan that will ensure you are not without at what could be some of the best years of your life. Be smart and get yourself ready for what lies ahead so that you can fully enjoy your old age without having to worry about finances.
Filed under Financial Planning.