Preparing for retirement
Credit to Author: Tempo Desk| Date: Thu, 10 Jan 2019 08:00:11 +0000
EVERYBODY who has worked long years looks forward to retirement.
But planning for retirement can be a bit stressful if you do not know where and how to start. Just like any other financial planning, starting off with the right objectives and guidelines can help make the process a lot easier and less stressful.
Here are five ways that can help can lessen financial stress in retirement:
- Map a plan
What do you want to happen when you retire? Put everything in paper and start by crafting a game plan.
You might want to ask yourself these questions: How much money did I save? Which investment will be best for my retirement money? How much money can I spend out of my retirement savings? What other money-generating activities can I do so I won’t spend too much out of my retirement money?
Having a concrete plan of where you want your money to go and how to acquire additional income after retirement can help map out your entire retirement journey.
- Learn to be proactive
It’s always better to expect changes along the way. The plans you have made may not be implemented exactly the way you imagined. It is important to be proactive in finding alternative ways.
Is there a need to change your investment technique? Do you need to learn about certain investing tools? Proactively finding ways to address some changes will help minimize stress compared to not knowing how to address these changes at all.
- Stay away from financial noise and distractions
Financial noise and distractions can come in a form of overwhelming information that you can get from too much social media ads, TV shows, or publications. These things tell you what you need to do and what you need to avoid.
If you cannot filter the distractions, you might find yourself in much stress. Remember that at the end of the day, you get to decide for your own retirement journey.
- Ask for professional advice
If you are one who is very capable of managing your own retirement journey, that’s great. But asking for advice from professionals or financially stable people might just change the entire game. For the better, of course!
However, be careful in who you seek to help you. Consider their techniques, their experience, and financial standing and credibility.
- Enjoy your retirement
One reason why people get stressed about retirement is that they forget that retirement is meant to be enjoyed! Thinking about your financial issues every day will cause you to forget to enjoy your retirement journey.
You might find yourself to be more stressed than when you were working. Pause, breathe, and relax and learn to enjoy this season in your financial journey.
Do you want to have enjoy your retirement? Are you sure that you have enough money for retirement?
THINK. REFLECT. APPLY.
What are the top three things that worry or stress you out about retirement? How can planning about these things help you become less stressed and worried?
What happens when you continually stress over retirement?
“The best time to start thinking about your retirement is before the boss does” – Unknown