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The coming depression blog | May 23, 2019

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Are You Ready For Retirement?

When we think of retirement we generally think of old age, a period when you have to give up the job and sit at home doing nothing. Contrary to the fact, most of the retiree lives a very active life. Today when you dream about your retirement life, you most probably envision yourself doing a variety of things which you really would love to do but actually can’t do at this moment due to the paucity of time. When it comes to planning your retirement, it’s likely you’ve spent countless hours choosing retirement accounts and determining exactly how much you’ll need to save. It is always wise to plan for the retirement from the time you enter into a professional field. Time flies and if you do not plan things for retirement in advance, you might be in a big trouble later.

As the world changes so do the rules. Many decisions that are being made today are going to have far reaching effects on retirees. For retired people living life with small pension is not always a pleasant experience. Sometime when an unfavorable situation occurs, so it becomes very hard to cope with. Because of small income it is very hard to save money for bad time. Financial planning is very important for the life that you are going to lead after a working life. Employers in the government and public sector cannot always depend on their pensions.

While choosing any of the self employed retirement plan it is important to keep in mind is whether the plan involves a hassle free installation and maintenance. Here are some vital tips that would help those who want personal retirement planning for their comfortable and hassle free post retirement life-


Retirement goals: How long will the period of your retirement be? How and where do you want to live? Calculate how much you need for all these.


Saving isn’t enough. The old rule said that if you saved regularly you would be rewarded with a comfortable retirement through the effect of compounding. Providing you with the nest egg you require retiring.

It’s not important how much one contributes to their personal pension plan. What is important is that one gets started on that plan. A good rule of thumb is to use a periodic withdrawal plan where funds are withdrawn from an ISA (individual’s savings account). Whether it’s as little as £10 to £20 a week, every little bit counts. Individuals use the periodic withdrawal plan so that they don’t have to manually contribute to their personal pension plans.
One of the best and most lucrative kinds of investment comes in the form of investing in immovable assets, like property. It would help in gaining additional equity with the help of property equity loans.
Pay off debts, such as home mortgages and other significant cash flow drains, as quickly as possible. If unable to pay off all your debt, allocate some of your regular savings into repaying off the debts.
How healthy will you be? If you don’t take care of yourself now, you may very well not be healthy enough to fully enjoy your retirement. That’s why it’s important to watch your diet, make time to exercise, and take steps to control your stress.
Traditional fixed annuities and immediate annuities are the two most common types of fixed annuities that majority of the people opt for. In traditional fixed annuities, the interest rate of the investment is re-set every year on the day of the initial deposit.

There is no simple answer as to which investment from those mentioned here will suit you or work best for you. You must first look at your goals and available choices and then sit down and decide on one of these schemes or some combination of both, as it works for you.

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