Talking about retirement plan, as most of us are aware…
We have to work out the budget and expenses required during retirement. Thus it’s necessary to consider your desired lifestyle after retired.
For instance, you may wish to…
> own a cozy house with garden for gardening;
> travel the world with your partners;
> carry out your hobby,
> exercise; or
> do something that you do not have the chance to experience while working.
How much do you require to have that kind of lifestyle? How much retirement fund you will have by that time?
The difference or shortfall is the fund that you need to make up, maybe with capital gain or investment.
Other than that, you need to think about unforeseen circumstances, emergency or disease that might eat up your retirement fund. That’s the reason why well prepared is vital for your comfortable retirement life.
Knowing that, some food for thought…
Is your saving or retirement plan and earning sufficient to fulfill your financial goal?
If not, it’s time now to look for a sustainable, viable and legit investment plan to grow your existing saving and reach your financial goal for retirement.
Many people said: Should save money to enjoy during retirement.
The problem is you are ageing when retire, and probably your health is not allowing you to travel as you wish to.
Other than that, the saving for retirement fund might turn into education fund due to inflation, capital for your kids for business or even wedding fund. How much will be left by that time?
Hence, treat yourself well while you can afford to, at the same time plan well for retirement. Ageing and deteriorating health are the main factors that you might not able to carry out activities that you wish to.
A valuable advice that I’d encounter if you agree … educate our children to be independent after graduated. Educate them to find their way out for further studies, source for business capital and even wedding fund instead of relying on you.
The main point is live for ourselves also instead of purely live to support our children.