Plan for a Happy Retirement
More and more people are using their retirement to fulfil lifelong dreams that they couldn’t previously achieve due to work commitments. With time on their hands those in retirement are taking the opportunity to learn new skills, take up a hobby or travel the world. IF you’re someone who’s looking forward to this stage in life, then it’s important you effectively plan and save.
Below we have listed some helpful consideration that will help you plan for a happy retirement.
Happy Retirement Plan
1. Retirement Income (“target income”)
Take time to calculate what your incoming funds will be during retirement. Do you have a pension scheme set up? Will you have savings in place? Or do you plan on getting a part–time job? The mount of money coming in will ultimately impact on your retirement activities.
2. How will you spend your days?
After working for so long it’s not unusual to find yourself at a loss of what to do with so much spare time. Try to think about what daily activities you see yourself doing, whether it’s visiting family or socialising with friends. This will not only plan your time, but it will help identify your daily expenses.
3. When do you want to retire?
Most people aren’t able to decide when to retire, but if you can pick your date then take this into consideration when you are saving. Retiring out of choice is a great luxury but it also means you need to plan ahead, save more and prepare for a reduced income sooner rather than later.
4. Where will you retire?
Are you going to stay put, buy a retirement home in the sun or travel the world? The earlier you answer this question the earlier you can save to ensure you have enough funds to enjoy the simple life’.
5. Health Care.
Remember that retirement incomes and expenses can change over the years. The price of health care for example could be more expensive later in life than what it is today, so it’s worthwhile keeping this in mind.