For most people, retirement planning takes a back seat to managing the daily necessities of life as it currently stands. Yet, with the current state of medical technology, your retirement might last longer than your career!
Alexandria Blaelock, author of Holistic Personal Finance: How to pay for the life you want says “Your retirement basics are the same as your today basics; money, health (physical and mental), and time. They just come in different proportions.”
Here are Blaelock’s tips for retirement planning:
- Connect with your future self: One of the reasons retirement planning is difficult is that your future self isn’t a presence in your current life. Take a picture and age it to 65 or 70, then take a long hard look at yourself. Keep future you’s picture with your family pictures and look at it every time you make a decision that impacts both of you.
- Look at your money situation: Are you living within your income or living on debt? How long will it be before you can retire? What are you going to live on when you get there? Learn to live within your means so when your income drops, you can afford your lifestyle.
- Consider your health: Are you on track to be managing diabetes and cardiac disease? Will you spend your last couple of decades living with disabilities caused by stroke? Start thinking about living a healthier life now so that you can enjoy your retirement for
- Plan your time: Some people find it very hard to adjust from working to not working. Start thinking about how you’ll spend your retirement days, and experiment with activities like golf or watercolour painting that you think you’d like to do when you have time.
- Think about where: Will you live where you are now or do you want to retire to the seaside? Could you buy a holiday home and rent it out to help cover the costs?
Alexandria’s tips for thinking about retirement planning will help you prepare for a comfortable and pleasurable retirement.
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