why you should plan for retirement

Reasons Why You Should Plan For Retirement Now!

Getting old is a phase of our lives. Why you should plan for retirement is another phase of your life which in doing so, should make the golden years as they should be – golden – or should we say ‘green’ with dollars!!

Read more about planning for retirement in this contributed article and see if the information can be useful for you.

Why You Should Plan For Retirement Even Though It Is A Lifetime Away

why you should plan for retirement

Retirement might feel like a million miles away. However, the sooner you start saving for it, the more money you will have when you do eventually reach retirement age.

You might feel that money could be better spent in your daily life rather than saving it for when you are much older. However, there are a lot of reasons why you should save money each month for your retirement.

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A Single Pension Fund Isn’t Enough

why you should plan for retirement

Your standard pension, a retirement fund that you will get from the government will likely not be enough for you. Throughout your life, you will become used to a certain standard of living, and when you retire, you don’t want those years to be full of severe budgeting, cutting back on fun things to do and not being able to spend money in the way that you want.

Even if you only save a small amount each month such as the cost of five cups of coffee, then over the years this will add up to a substantial amount. All that might mean is cutting out a single cup of coffee each week or even five per week to save for your future.

The money that you save will also receive interest, and it will continue to increase every year. The earlier you start saving, the more you will have when you retire, and it will create a habit of saving money each month.

To Live Comfortably

When you retire, you want to do more than just sit at home and remember the days when you were younger. Instead, you want to travel the world, meet new people, try new things, and enjoy your twilight years. In order to do this, though, you are going to need money.

This money isn’t going to spring out of anywhere, so you will need savings to enjoy these things. There are plenty of investment and savings opportunities you can take advantage of.

You might decide to invest heavily in property and have several rentals that give you some passive income each month, or maybe even consider looking at retirement communities in Tennessee if you are living in that area.

Alternatively, you might understand how cryptocurrency works and invest in a Bitcoin Roth IRA fund. This will involve converting your retirement fund into Bitcoins and could result in large gains for your fund.

What you want to do in your retirement is entirely up to you, but make sure that you have saved the money to allow you to do it. Another opportunity is NAB bitcoin, but of course, remember to check in with your financial advisor to help you make the most prudent decision available to you at this point in time of your life.

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Retiring means having more time to relax, but it also means having more trouble meeting financial obligations. If you are struggling to pay for monthly living expenses during retirement, a reverse mortgage can assist you. 

Unlike a standard home mortgage, a loan acquired through a reverse mortgage lender provides you with money on an ongoing basis. You are not obligated to repay the amount you owe for as long as you continue living in your house.

Therefore, the loan can have a much longer-term than a standard loan as well. You can use that extra time to enjoy retirement by spending the money for whatever purposes you require. Even when the balance becomes due, you can opt to allow the sale of the home instead of repaying the loan balance.

Support Your Children

why you should plan for retirement

A parent will always want to support their children. This is something that you will be unable to do if you don’t have the savings to properly support yourself. You will want to enjoy seeing them when they have grown into adults and then you can dote on your grandchildren.

You might want to organize family holidays or outings. Your children might need to move home or need money for one thing or another. You want to be able to provide for them as best you can, and you will need money to do so. This means planning ahead and having some money set aside for retirement.

No one wants to ‘be left out in the cold’, so it would make a lot of sense when we take matters into our own hands and take care of our future. By doing this, we will be better able to see our golden years in a better light.

What is your plan for retirement? 

Images courtesy of Pixabay and Pexels.

{This article has been updated January 2019}

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