4 Pitfalls to Avoid When Finally Retiring

Retirement is a very touchy issue, but one that must also be discussed. As mentioned in a couple of earlier blogs on this website, one must be able to prepare for this phase in their lives accordingly.

While others have been successful in setting up their post-employment life, others are not as fortunate or are not as meticulous in getting ready for leaving the corporate world. If you’re somebody whose retirement is already looming or if you’re thinking early about that phase in your life, then you would do well to learn about the 4 common pitfalls of retirees.

Not Having a Solid Plan

For every phase of your life, adequate planning is always the key to success. Considering that retirement brings about a very big change in your life, you must know what you must do in order to make sure your life doesn’t go down the drain when you finally depart from your long-term employer.

While others view retirement as a permanent vacation, in truth, it is actually just a move from tenured employment to being self-sustaining. You’d have to have a solid plan to, at least, make your first few months as a retiree go in the right direction.

Not Having Saved Enough

Not having enough money when you retire could be grounds for possible disaster. You’ve had around 40 years to prepare for this milestone. You should’ve enough money set aside to give you a good start on your retirement. Yes, your employer could give you your severance package and retirement fee, but it would also be great if you have other savings set aside to supplement this lump sum amount you receive at the last day of your corporate employment.

Not Knowing Where to Retire

Retirement is something to celebrate. After all those years under the employ of a company, you’re finally on your own. You now have the means and the time to do what you want to do. It’s also a chance for you to go somewhere new and start a new life outside your home town!

Set yourself free and find a good place to retire years before you actually retire. That way, you’re giving yourself adequate time to get ready for that transfer. There are, after all, so many details to look out for in preparing for retirement. You’d need a lot of time t0 research, and even more time to save money to make sure you have enough to make a good start as a retiree.

Not Having a Legal Advisor

If you’re looking to retire to a foreign country, like Thailand, you’d really need the help of a legal advisor. A legal advisor is somebody who can act as a guide in, at least, your first few months as a foreign expat. This is because these professionals have the necessary knowledge in the law of the country you’re moving to, and can help in making sure that you don’t break any laws.

Good luck on your upcoming retirement, and plan early.

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