Planning For Your Retirement

When is the best time to retire? It is a question that most of us will often think of during our daily pilgrimage to work. It is a legitimate question to ask and a very important one at that. Should you do it at the age of 50 or when you turn 60? Should you head for your retirement home when you have enough money to sustain you for the rest of your life even if it means retiring at the age of 70? Or should you go their at age of 40 and allow the other things to fate?

Once upon a time, when you first landed a job and began earning for yourself, retirement was the furthest thing on your mind. Your mind was occupied on one thing: the date of the next pay check. Okay, make that two things. The first is when the next paycheck is due and the second one is the thing that you will spend your money on. You were so focused on your personal goals that any proposal of a retirement plan will get thrown out of the window. But after 20 years of working the mills, as they say, retirement is becoming more and more a great option. At his point in your life, you begin dreaming of a day without work, a day of relaxing on your porch or on park benches while reading a book or a magazine.

But it seems that retirement is not as easy as you might think. There are a lot of things that you need to consider and a number of things that you will need to understand. Before, like in the 70s, people rely on the savings thy made from years of working to survive their years of retirement. They have little or no concept of investing their money on lucrative endeavors. Unfortunately, today people are relying much on the investments they have made and not only on the money they saved to spend their years in happy and content retirement.

Current figures and studies have shown that more and more people today who retire at the age of 50 will not be able to achieve their dream retirement.

Nevertheless, you can deviate from the statistics and the accepted norms. You can still have your dream retirement if you act smart enough and early enough. Recognize the need for a good retirement plan. Start playing it smart by saving as much as you can by properly managing your expenses. Buy at supermarkets rather than in convenience stores, begin patronizing generic products rather than the more expensive labels, and learn to invest your money wisely so it can earn some interests along the way. If you find your finances adequate to keep an acceptable standard of living, then submit your retirement papers and begin enjoying this part of your life.

So really, when is the best time to retire? In my opinion, you should do it as soon as possible. You don’t wait until your 50s or in your 70s. When you retire, you’re life doesn’t end. So you will need the strength of your body, the alertness of your mind and the fullness of your soul. As a retired person you will continue to be active and productive. If your health is at risk, then ideally you should be living your retirement plan now.

Retire as soon as possible but also when the timing’s right.

 

Posted by Ardent Editor on Jun 12 2007 in Retirement 101

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