Top Things to Include in Your Retirement Planning

Posted by Emma Kalman
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Apr 19, 2017
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Every one of us has different plans and ideas about a fulfilling and happy retirement. Some people might decide they want to transition from having a full-time job, into a meaningful job but only part-time. However, others would rather spend extra time by regularly visiting the golf course, starting their own little garden or enjoying their family.

First of all, you need to decide in which category you would like to be for serenity in retirement. Then it will be important to make sure that you will reach it financially.

You can call it discovery, assessment or checkup, but it is important that you plan for your retirement. You need to make sure you know where you stand now and where you would like to be.

Take a look at your retirement contributions and investments, scrutinize their performance. You might think it sounds complicated, but it can be simple once you get into specifics. Your accountant can also assist you in the best way to invest and contribute towards your retirement. Additionally, they can assist with retirement planning.

You need to define your retirement

Once you have decided how you would like to spend your time during retirement, you need to make a list of your objectives and goals as that is very important. At this time, you don’t need to focus on your budget but rather on your specific ideas and goals.

Start with a journal or scrapbook and envision the most important goals of your retirement. It’s important to stay practical and rule out any expenses that are unnecessary.

During your brainstorm, you need to ensure that your needs will be met financially. Be extra descriptive and you can be sure of a tangible retirement. It can help you to stay focused on your goals if they are realistic, make them within your reach.

Taking stock of all your assets

You know exactly what your monthly income is, your bank balance and also the money in the retirement account. Then there might be other assets that are nontraditional, which can assist you in retirement. These can include certain hobbies such as antique car restorations, great pianist or even a novel you started but never finished.

These skills and hobbies might bring in an extra income during your years of retirement. You can finish your novel or teach piano classes or trade in antiques. Complete your list of skills and hobbies and work on ideas how you can make extra money with them. Retirement planning will give you the best answers to having a comfortable and relaxing retirement.

Evaluate your present health

Your health is very important during your retirement. You might not like to visit doctors, but it’s a necessity to go for regular checkups and make sure you retire healthy. Make sure you eat healthy, sleep enough, and exercise regularly to maintain or improve your health status.

You also need to stay sharp mentally with reading books, engaging in games that will stimulate the brain and doing puzzles. Staying in contact closely with friends and family will promote your physical health and fight against the blues once you reach retirement.

Making decisions about working after retirement, whether you will need or want to

It’s important to know if you will be set financially for life, or whether the money won’t be enough to fulfill your dreams for retirement. Your retirement planning will show you what needs to be done to achieve your goals. You might need to carry on working or cut down on your goals. Look at your list and see what you can do before retirement to boost your financial situation.

It’s important to also prepare for those unexpected things

Things don’t always go the way you plan, that’s why you need to prepare for situations which are unexpected. If you have your own house and car, you need to prepare for maintenance and repairs, as well as a sudden illness.

It will be wise to make sure you have a good medical aid and maintenance insurance on your house and car. This generally will involve large amounts of money to fix or medical expenses.

Save extra money right now

The sooner you start planning for your retirement, the easier it will be to accomplish your dreams. Saving money is the first thing you need to look at, and the way to achieve it is by starting with about fifteen percent of your current salary put aside or invest it in retirement funds.

You should increase this amount on a yearly basis with about one to two percent. Most companies have the feature in place to increase your fund automatically every year. Yet, it can’t do any harm if you also save through any other method to have the retirement you deserve.

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