Retirement is something that most people look forward to, even when they’re a bit advanced in age when they do so.
Retirement, for those that have been employed in the corporate world, is an opportunity to finally rest from that grind they have been contending for the majority of their professional lives.
Of course, retirement is not always a bed of roses. You have to take care of yourself, after all. That’s why you’d hear of gloomy scenarios from people who have retired ahead of you. However, there’s no need to fear this chapter of your life. It is but another step of your journey in life.
Here are some tips to bear in mind when you’re preparing for your inevitable retirement.
You read that right. Even when you’re retired, you’d still have to think about how you can earn money to support yourself outside of the corporate world. There’s nobody now to provide you with a steady monthly income, except perhaps your monthly pension from social security.
So, if you’re still a couple of years away from retirement, you might want to look at the amount of money that you’ve saved and how much you can expect to receive from retirement services once you reach retirable age. With this information, you should start looking for opportunities for investment so that you can create your own source of income.
In other words, nothing changes the moment you retire from the corporate world. This time, you’re creating your own income instead of having someone else provide it for you.
Debts are one reason why retirement becomes a financial nightmare. If your debts have been incurred due to your lifestyle as a tenured worker, then they could become a burden when you retire as you don’t earn the same when that time comes.
Thus, as early as now, go over your debts and figure out how you can pay them all before you retire. You might also want to think about not getting into any more debts unless it’s a life-and-death situation.
We’ve mentioned earlier that you have to look at how much money you’ve saved as part of your planning for your retirement. However, you must not just stop at that. You have to save more. So, keep on saving until your retirement. While it’s a good idea to have an ideal target as to the amount of money you can save, you must strive to exceed those expectations.
Finally, the time has come when retiring, don’t be anxious about it. True, it is but a leap of faith as you’ll be leaving a tenured lifestyle for one that is uncertain in terms of income. However, there’s a certain beauty to retirement – you now have control of your life back, so look forward to it!
If you’re planning to retire abroad, especially in Thailand, you might want to tap the services of a lawyer to help you out in planning for that.
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Photo credit : Laura Thorne