Most often, retirement is looked upon as a subject to be approached when you’re on the thresholds of actually retiring…but ask any finance expert and he’ll tell you otherwise.
If you begin to plan for your retirement now, you won’t have any regrets later.
Here are your 5 steps towards a comfortable retirement…
1. Every month, set aside a certain amount of money for your retirement fund.
Irrespective of what happens during the month, never dip into that amount nor shortchange when you pool into your fund. (You can ofcourse put away more than the monthly amount. The more the better!)
The little you save now may not look like much but at a time when you need it the most, you will be glad that you wisely stashed away!
2. If you intend to buy a home, don’t wait too long to find that perfect, dream home because in reality it doesn’t exist.
The right home to suit your every need does exist though and sometimes it’s wiser to invest in a home you know you will be able to afford, maintain and still enjoy even after your kids move out.
And make sure your financial plan for the house involves ensuring all bank payments for the house are completed atleast several years before you retire.
3. Scout the market for the best health coverage plans.
Making sure your health coverage is taken care of sooner than later, is definitely advised. Securing a sound, long term care insurance policy is important.
4. Watch what you eat and stay active!
If care is taken with the food that goes in, chances are that the risk of health related issues cropping up later is minimal. And it goes without saying that exercise is fuel to a man’s health!
5. Keep tabs on the debts you accumulate.
While a credit card is convenient , it does encourage some unnecessary spending. Where possible try shopping with cash or buy gift cards with your credit card to stores you frequent and try to stay within the card budget set by you, for the month. (This way you still reap in credit card reward points)
You honestly don’t want to have to deal with a statement long list of debts when you’ve retired.
If you pay off debts on a month-to-month basis (except in cases where the investment is large) and stay on top of the bills you run up, you will meticulously cancel out those debts.
These may seem like small steps but remember…
it’s always the little steps towards a big goal that matter.
By working through these 5 steps, you will have done atleast what you could to prepare the way for a comfortable, stress-free retirement.