Did you know that only one out of every 5 people plan early enough for retirement in order to have enough money saved to live out 20 to 30 years? This means that if you want to have a happy retirement, planning needs to start now.
Having a happy retirement isn’t cut and dry however. What will make you happy in retirement is going to be completely different from other people. This is why starting the planning process can be so confusing, but it doesn’t have to be! We’ve created 5 steps you can follow below which will help you plan for a happy retirement. What’s even better is that you can start these steps now.
Is having an endless stream of income more important to you, or is making memories with friends and family higher on your priority list? Your answer will help determine how much money you need to have a happy retirement.
Do you know where you currently stand when it comes to retirement savings? Most people don’t. You may know you have investments or accounts that are meant for that purpose, but do you look over your documents often? By gathering everything up and becoming organised, you will have a better idea of how to get from A (the present), to B (your retirement years).
Budgeting is one of the most often given pieces of financial advise for a reason. If you’re not sure where your money is going, you’re missing opportunities to save. That morning coffee, the gym membership that never gets used, the extra items you buy when food shopping…they all add up over time.
You may feel like you are able to tackle retirement savings on your own and many people opt to go at it alone. By doing so though, you may be missing out on savings or strategies that a professional can advise you on. Benefits of having a professional adviser include:
Remember, every person is different. Don’t feel like just because a relative wants to live one sort of retirement that you should strive for the same thing. Your goals are your goals only and what you want to make your retirement years happy and enjoyable is up to you!