Tips to help you plan a better retirement
Posted on: 24/Nov/2015 10:04:17 AM
It is never too late or too early to start planning for your retirement. A good retirement plan will ensure a comfortable life of your choice in the future. Here are some recommendations.
First, create a retirement road map. Think about what your retirement plan will look like. Will you retire in your own farm house or take that long holiday or do other things? Creating a road map will help you realise what you want and how much money you need for it. You will need to identify what kind of lifestyle you wish to lead; if you will continue to work after retirement; what kind of medical expenses will be need to be met; who will be dependent on you; if you will be living in your own home or not; if you will have travel plans, etc. Visualising this will give you a sense of how to be prepared.
A common mistake is not knowing how much you will need at the time of your retirement. Another common mistake is not starting to save early enough. Keep in mind that inflation and the changing standards of living will play a role in the future. The earlier you start to save, the earlier you can retire.
While making your plan, remember to include contingencies such as health care expenses. Factor in costs of medical insurance and other expenses.
