There are many amongst us who simply dread the word retirement, however, there is a strong and growing body of evidence which shows that able-minded folk can plan towards their actual withdrawal from work. There are several ways that can help you prepare for such a decision way ahead of time and this is the mindset that we would like to promote. One of the greatest tools at our disposal is planning and strategy which can effectively aid you in turning the tables even when odds seem stacked up against you. It might have something similar to showing perseverance in the face of adversaries however if you look at it from a neutral point of view, you can find a totally different perspective of the entire ordeal which will make this mountain look like a molehill. In this post, we would like to share you with some sensible and rational advice as to how you can make your retirement seem more like a transition from one part of your life to another in a seamless manner so that you never feel like you are missing out on anything. So without any further a due let us get into some of the intricacies that might help you feel more ease with this particular expression.
Planning Will Make a World of Difference
Unfortunately,the limitation of time and space doesn’t permit us simply to tell you how important and significant it is for every one of us to plan our lives rather than simply living in the moment while time races past us. Retirement planning is an actual thing and there are many professionals out there that can help you with it. There are numerous success stories of young individuals achieving financial independence way before their actual age of retirement and living off their well-planned decisions and application of well-defined stratagems which they worked over the years to relieve themselves of troubles related to retirement. Here are some important pointers that can help you resolve the situation:
- Saving for retirement is an essential choice that can take the majority of your burden off of your shoulders in later years.
- Knowing your retirement needs in advance can make it much easier to adjust your lifestyles before they come knocking on your door to announce themselves.
- 401(k) plans, pensions, and other forms of retirement pay are indeed a major contribution to your necessities, so never leave them out of the equation.
- Investments are your saviors and they are plenty of viable options to consider including annuities, dividend-paying stocks, municipal bonds, preferred stocks, money market funds, Treasury Inflation Protected Securities (TIPS), etc.
- Setting up an Individual Retirement Plan (IRA) is the proactive way to go about it, as well as a savings account, Registered Retirement Income Funds, and unsheltered savings.
- In most cases the combination that works well for the majority of us in various case scenarios includes a Roth IRA coupled with a 401(k) plan, however a professional can offer you a more personalized option suited to meet your needs the best.
What AboutMy Earnings?
There is no doubt that around some part of your life, you will be hooked on the income that you generate and the payday is probably what makes you feel good about yourself. However, retirement can offer you a different treatment, which is why we suggest that follow the code of not putting all of your eggs into one basket. The idea is to diversify your revenue streams so that you have several sources of income generation by the time you retire, here are a few suggestions that might prove to be handy when that time comes:
- A personal website that accumulates enough traffic that it becomes a lucrative option as an affiliate marketing platform. Same goes for online blogs and various other social media gigs.
- Allowing short term rentals or vocation stay-ins for visitors or tourist, a simple yet tidy and comfy room you can spare within your residential quarters for that purpose.
- Royalties that you might receive in the form of any entertainment services that you might have offered in the past.
- Peer to peer lending.
- Interest paying bonds.
- Subleasing storage areas or parking spots.
- Franchises
- Debentures
The essence over here lies in exploiting as many available options that you might possibly think of and then putting them into action. You might want to seek professional advice to come to terms with legality behind some of the ones that we have mentioned. However, you will be able to comprehend them in no time once you get a clear understanding of how the system works and eventually things will come to work for you.
Facilities That You Probably Shouldn’t Compromise On
Lastly, retirement is all about settling down and taking your time as much as you want to make this decision is fundamental. There are several things that you must consider and here are some of them to make sure that you are headed in the right direction:
- Your place of stay is ultimately important since it should fit your preferences and lifestyles like a glove to a hand. There should not be any discomfort that affects you, especially from the surrounding so what you might be looking at is either a peaceful savannah or a hospitable and friendly neighborhood that keeps you away from all the noise as well as the hustling and bustling of urban life.
- Utilities including gas, water, electricity, cable TV, internet connections, are important and the list goes on. Again it is all about what you would prefer and what choices you make that matters the most.
- Climate and overall weather should also be taken into consideration as you don’t want to settle down in a place where you cannot simply beat the heat or the freezing temperatures that give you the chills throughout the year.
- Other facilities like parks, theaters, restaurants, shopping malls, gas stations, libraries, museums are also a part of the overall central aspect behind retirement since this will keep your book of life in full color.
- Sound and easy to access medical facilities such as pharmacies, clinics, and hospitals should also be given a substantial thought with respect to your own health and well-being needs.
- Lastly, transportation and various means of commutation that are excessively convenient and easy to acquire are also some of the key elements that you should look for when deciding to stay at a place after retirement.
As a final word, we would just like to say that everyone of us has to make this journey to our eventual retirement from work, however, how you approach this end is more important than the destination itself. The greater sense of importance hence for us lies in how we treat the final 10 years of our professional career however as a reasonable person you can start building for your retirement even before this, which will eventually help you in the longer run. We strongly recommend that instead of dreading this part of your life, you should, in fact, think critically regarding all of the aspects that it withholds so that you ultimately take fruitful decisions that can make retirement enjoyable for yourself. It is indeed a major event of life for each and every one of uswhich is why you should substantially make this transition as easy for yourself as possible. There is no one size that fits all unfortunately when it comes to retirement. Others can simply show you the door but it is you who has to walk through it. Hence it will serve you best that you start defining or re-defining what an ideal retirement looks like and what it should offer you. Your values and life goals are extremely momentous and this is why you should have a very personalized and initialed vision that is custom-made for you and your later stage of life.
