The Keys to a Comfortable Retirement
by Jerry Mooney
Retirement is something one must plan ahead even if it will happen decades from now. Some make the mistake of postponing their plans once they reach their golden years. Then when they reach their late 50s or early 60s, they don’t have enough savings or investments to retire comfortably. They may have to work until their 70s and beyond just to break even. Experts cite the following ways so you can retire comfortably:
Establish and Follow Realistic Objectives
Whether you start planning for your retirement in your 30s or later, you need to create realistic goals when it comes to creating a retirement plan in the Philippines. Some questions to consider when setting objectives for your golden years include:
- How much do you want to spend every year after you retire?
- How much do you need to spend to live comfortably?
- Do you have enough emergency funds for sicknesses, hospitalizations, accidents and others?
- Will you have enough savings to pay for needs, wants and emergencies?
These are a few questions that need answers years before you retire.
Learn to Maximize Income
Leverage as much money as you can while you are still working. This can come in various forms such as benefits provided by the government and the company you have worked with for years. Review the contributions you made and determine if liquidating these helps you increase your personal savings. The money you accrued over the years must allow you to cover for the costs of your needs and wants. Consider getting either whole life or term insurance, weigh the advantages of either one and determine which one works best for your retirement. You can always get more than one policy depending on current and future needs.
Live Lean
As you approach middle age, start considering your future retirement by having a lean lifestyle. Live a lean life by doing the following:
- Debt is a problem that many people deal with. Seniors are at risk because their future income becomes uncertain. Nip the bud sooner rather than later; avoid debt as much as possible and if needed, pay it off quickly. Inflation will also erode current and potential income, making it more important to stay debt-free as you reach your retirement years.
- Differentiate between needs and wants. The older you get, the more you should discern which purchases add value to your life and if it helps you retire comfortably.
Have a Healthy Lifestyle
If one doesn’t take care of their health, they will regret it and they might become a burden to their family. Stay healthy to avoid having money problems when you reach or are close to retirement age. Eat more nutritious food and exercise regularly to lower the likelihood of getting cardiovascular diseases and cancer.
Enjoy Life
Retirement isn’t just about accumulating money, take time to enjoy your journey towards your golden years. Have fun, spend your money on things you enjoy doing whether its travel or a hobby. Invest in yourself but save money and grow your savings.
These are some ways to retire comfortably. Mix leisure and investment to age gracefully and still have time to enjoy your life before reaching retirement.
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