Plan your Retirement judiciously
Have you ever planned for your retirement? I was recently asked by someone in the media for my top retirement planning tip. In truth there are many ‘top tips’ but none of them are relevant until you’ve had a conversation about what you want to do during retirement. If you have spent time thinking about securing your retirement financially, you would know that the sooner you plan for your retirement, the better it will be. After giving your family all you’ve got and saved enough money because of your hard work, there comes a time that you start to think about yourself and settling down.
Let’s face it. A vast number of investors lost money recently in their retirement accounts. Some people are trying to face the fact that if they don’t do something and quickly, they are going to have to put off retirement for a few more years.
Here are the top tips to get started on the right foot towards an awarding and secure retirement plan:
• The first thing that you should do is to think whether you can afford your new home or not. Even though you think you have saved enough, it is very important that you choose from the retirement homes that would help you stretch out your budget even more.
• What is Your Current Financial Situation? Write out all of the assets in a list, including yearly income, stocks, and monthly payments. The base of any financial plan begins with the current situation. Creating a plan that will maximize the fund amount from this base is the very first and most important step.
• Time is your friend when you start saving now. Not tomorrow. Today. Pass on the cup of coffee and start saving today. Make it a habit to start saving. You’ll enjoy your retirement years if you have savings to spend instead of depending on others to lend a hand.
• The best retirement plans are those which offer the maximum amount of flexibility, have the highest amount of profits, controls and tax advantages. This is exactly what self declared Roth IRAs offers
• Keeping track of performance is important – it is always a good idea to keep an eye on the performance of the investment. This is probably the only way you will be able to see for yourself whether you are on track or not for reaching your target.
• Self-directed accounts are the best retirement plans because you have a much wider range of investment options and greater control over your account. You can choose to invest in real estate, partnerships, gas and oil fields, private equity, franchises, and much more.
• And because you are already a retiree, you should also consider a place where medical facilities are very accessible as well. This is important especially in case of emergency. That is why you should never consider getting retirement homes in a rural environment particularly to those who are suffering from various health conditions.