Investorideas.com
Search  Follow Investorideas on Twitter  Investorideas is on Facebook  Investorideas is on Google Plus  Investorideas is on Youtube  Investorideas is on Pinterest  Investorideas is on tumblr  Investorideas is on LinkedIn  Investorideas RSS 


Investorideas podcasts on iTunes, Google Play Music and iHeart.com    Investorideas.com potcasts - cannabis news and stocks to watch plus insight from thought leaders and experts    Investorideas.com crypto corner    Play by Play – the latest sports headlines and sports stock news

 

Join Investor Ideas Members to access the Renewable Energy stocks directory, water stocks, biotech stocks, defense stocks directories

Planning For Your Retirement: Five Key Steps

 

March 21, 2018 (Investorideas.com Newswire) It's never too early to start preparing for retirement! In this article, we'll look at five practical steps to help you plan for your golden years.

1: Start early

Don't wait until you are in the latter stages of your career to begin thinking about retirement. Ideally, you should start your retirement preparation as soon as you are in full-time work. Give yourself plenty of time to save money, make investments, and allow your fund to grow. If you wait until you are approaching retirement, this preparation work becomes more stressful and financially burdensome.

2: Contribute to a pension scheme

Most employers give you the opportunity to pay into a pension scheme, often with an additional employer contribution. These schemes can be very lucrative, and in any case, setting aside money whilst you work gives you peace of mind that there will be a fund available once you reach retirement. Speak with your HR representative or line manager to learn more about your company's pension provisions.

3: Get into the habit of saving

In addition to the funds you accrue through pension schemes and investments, it's worthwhile to make regular contributions into a savings account. Even a small amount per month will build up over time.

When looking at your monthly budget, ensure that you factor in a deposit into your savings, and make the action habitual. If you are concerned about being tempted to dip into it, select a savings account that has disincentives to make withdrawals, such as an interest deduction. This should help to give you an extra shot of willpower!

4: Estimate how much income you will need per month

As you move closer to retirement, it's time to re-evaluate your budget. Depending on your circumstances, it may be necessary to reduce your budget in response to changing income after retirement. This needn't be particularly troublesome if you plan ahead.

Start by taking an honest look at your current outgoings; a process that is advisable wherever you stand in the career cycle. Spot inefficiencies, such as insurance policies that are automatically renewed every year, or grocery shopping bills that seem unreasonably high. Continually work to bring down these costs whenever you find them. Shop around, avoid unconditional brand loyalty, and don't be afraid to cancel any service that no longer provides a tangible benefit.

Once you've performed this ‘budget housekeeping', start afresh. List the essential costs and factor in reasonable indulgences; life is for living, after all! This process will give you a useful estimate of how much you will need per month, which in turn allows you to make the preparations you need to live comfortably.

5: Consider a retirement property

Once you reach retirement, you will likely want to reward yourself after a lifetime of hard work. Perfectly understandable! If you've ever thought about owning a retirement property, the process of selecting one may seem like an arduous task. It needn't be. OceanFrontHHI offers a useful and intuitive search function that allows you to find the perfect property on the stunning Hilton Head Island development. If you're not yet of retirement age but enjoy a family holiday, it's worthwhile to consider making the investment early.

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp. This article is paid for published third party content and not the content of Investorideas.com. Read our article disclaimers. Learn more about posting your articles at http://www.investorideas.com/Advertise/


HomebuilderStocks.com - A Leading Global Website for Homebuilder Stocks

HomebuilderStocks.com - investing ideas in homebuilder stocks/real estate stocks and industry

Like Homebuilder Stocks? View our Homebuilder Stocks Directory