Steps of retirement planning
- Thread starter Dave20
- Start date
Jasz
VIP Contributor
Your third stage in life may be the most important. It’s retirement, the “golden years,” and before you know it, your career is over. That’s why retirement planning is so important—so you can experience all of life’s rewards during this time. The moment arrives when you have to make critical choices about what retirement will look like for you. So, how do you get started?
Many people retire with too much debt—a problem that can put a real damper on the good life. In earlier years, you easily accepted the extra expenses as you moved up in your career, but now it’s time for a change. The first step is to look at your current spending and savings habits. Do you have a budget? It will help you understand where your money is going, trace trends in your spending, and give you control over your finances. Don’t be afraid to challenge yourself about changing habits that aren’t helping you reach your goals. A financial planner can help you work through these concepts and create a complete financial plan.
What will your retirement look like? The answers to this question depend on you, and the choices you make today. It’s never too late (or too early) to start.
Many people retire with too much debt—a problem that can put a real damper on the good life. In earlier years, you easily accepted the extra expenses as you moved up in your career, but now it’s time for a change. The first step is to look at your current spending and savings habits. Do you have a budget? It will help you understand where your money is going, trace trends in your spending, and give you control over your finances. Don’t be afraid to challenge yourself about changing habits that aren’t helping you reach your goals. A financial planner can help you work through these concepts and create a complete financial plan.
What will your retirement look like? The answers to this question depend on you, and the choices you make today. It’s never too late (or too early) to start.
Kendy
Verified member
I presume there are diverse steps to retirement planning. According to research a lot of people do retire without having a savings to depend on because they failed to understand how retirement plan works. Some lay all their eggs in one basket by waiting on the government pension schemes for retirees which might not be readily available to them after their years of retirement. As a potential retired, it is pertinent that you should inculcate the habit of discipline in whichever investment or saving plan you make. A lot of retirees were not disciplined during their years of active service, especially when it comes to savings and budgeting which would have been a guide to curb excessive spending.
Steps to retirement planning could be both in the concept of savings or investment. Investment such as; real estate business, where he or she can purchase cheaper lands in the sub-rural areas where development is sure to take place before his retirement age, engaging in large scale farming or oil mill processing, renting the lands or leasing them as well. It could also be in the form of saving a particular percentage of money consistently till the period of retirement, where it would be invested in a lucrative business.
Steps to retirement planning could be both in the concept of savings or investment. Investment such as; real estate business, where he or she can purchase cheaper lands in the sub-rural areas where development is sure to take place before his retirement age, engaging in large scale farming or oil mill processing, renting the lands or leasing them as well. It could also be in the form of saving a particular percentage of money consistently till the period of retirement, where it would be invested in a lucrative business.
