Plan Your retirement NOW !
Ideally retirement should be planned early in a career. Start saving early. Set up a superannuation scheme, so you can enjoy your retirement years.
Retirement homes for the disabled and elderly cost at least $1,000 a week so do your homework and estimate what you will need to save.
Robots, artificial intelligence are here today. They will become increasingly common with virtual reality and digital assistances so jobs will become increasingly scarce. There will be less paid work available as you age.
Five of the best tips when planning your retirement
* Plan your retirement early
Everyone should plan for retirement, so if it comes unexpectedly, you are not left in a state of shock.
No one should go from a dynamic career to a life of inactivity. It’s hazardous to your health and to your private life. The hardest job in life is being idle.
* Save for the day you are not earning
Aim to have all your mortgages and debts paid off by the time you retire. Remember there will be no regular salary coming in and you will need to manage on a reduced income.
Save and invest early in your career to build up a nest egg for the days when you are not on a salary. Diversify your investments to spread your risks.
* Develop your hobbies and social activities
What do you enjoy doing most? Have you a hobby or a skill that could be turned into a small business one day if you need money?
Join cultural groups or sports clubs. You need to keep active both mentally and physically. You must have a purpose in life. Retired people need to feel wanted.
* Decide where you are going to live
If you have saved well and have available finance you can move to your dream location.
If you move into a new location remember the older you are the harder it is to make friends. Join organisations to meet people.
* Make your dreams come true
Learn new skills, such as painting, woodwork, gardening or learning to play a musical instrument. Take care you move into a house or an apartment handy to amenities such as shops, medical centres, public transport and one that requires less work as you age. Don’t buy a 10 acre block to farm a few animals and play farming. You will live to regret it as you age.
Join service or sports clubs. Do volunteer work in your own town, country or overseas.
Now is your chance to travel. There are many exciting things to do so start planning now.
The sooner you start planning and saving the easier it becomes.
“Nothing ventured, nothing gained.”
Source: “No Job! What Now? Moss Associates Ltd, New Zealand and as an eBook published by Cengage Learning Asia and available from Amazon.com and VitalSource.