Most of the people are afraid of post retirement life…? Do you know why then here are some of the interesting facts:
If your age is 30 years. Then you’re afraid about the house EMI. Even after completion of the EMI’s you will not be able to receive the more than 15% of the appreciation for your house. Equity market will not be at pick, property rate will not touch high rates for another few years. You’re being addicted with the branded things and branded lifestyle. At the same time you have to prepare for a longer life.
Retirement is the state where most of the people stop working. They retire themselves from the daily work routine. This retirement is mainly falling under two categories:
1 you will retire when you must be.
2 You will retire when you decide to do what you love to.
Which one is the preferred way of retirement and which one you would really like to choose?
Answer will be second. Most of us wants to retire for the things which we love to do. First category of the retirement will force you to retire yourself when you must be. This is mainly due to the age limit decided by the government or you stopped to be a part of the routine work.
Are you Really Ready for Retirement?
This is the most important question you need to ask to yourself before taking the retirement decision. You must confident enough to take a call of retirement. Most of the people do not think about the retirement because they want to continue their work.
Retirement is the subject to how much money you have in your hand to spend on your expenses after the retirement. Retirement is solely depending on your wish. Retirement is a voluntary for businessmen and at the same time is voluntary for the people who are into the service.
First of all, you need to take this subject very seriously, as the retirement is the process where you will be completely releasing yourself from the work. It will completely stop your new earnings. Post retirement earning will be solely depend upon the earnings which you had in your early service life.
Why Retirement is Challenge
Suppose your age is 27 and now you’re planning to free from your services at the age of 55. Now let’s see some interesting facts. Let’s assume you’ve started to work in the age of 25 years. You will be retiring at the age of 56. Your total life span is around saying 85 years.
Now read carefully this example is simply highlighting your work-related graph which is directly related to the financial earnings.
- 1 Year to 25 Year
Above example clearly says till the age of 25 you were the student. You’ve spent almost 25 years of the life in learning things and educating yourself. You were totally dependent on your parent earnings till the age of the 25 years.
- 26 year to 56 Years
Now you started working at the age of 26 and decided to take retirement at the age of 56 years. It clearly indicates you’ve worked 30 years of your life to earn and save the money.
- 57 Years to 85 Years
Now this period is very crucial and thus we say retirement is big challenge to decide. This your post retirement life span. 28 Years of your life you will not be doing anything and you major earning source remains your past 30 years. Your 30 years of service and earning is defining how your retirement would be after relieving from the work. Think about your needs for the remaining 28 years. It will include your basic need expenses, luxurious need expenses, and most importantly medical related expenses, last but not in the list all these expenses need to deal with the inflation. Now you can understand why it is difficult to take a call on retirement.
“If you have to keep maintain your job after the age of 65-70 then it means you didn’t take your retirement seriously and have not invested smartly enough to retire.”
Question may come into the mind, what is the best age of retirement. Answer to this question is there’s no specific age of the retirement. You can retire yourself whenever you feel free and confident enough that you’ve saved the much amount of money for your rest life. Then age is just the figure to quote.
What is Your Plan of the Retirement?
You plan for the retirement is solely depend upon how much money you can manage to save. Some people are the investment lover they start at early age and manage their own investment by their own. Whereas most of the other people hire the financial advisor to manage their funds. Whichever path you choose for investment you need to keep monitor your investment.
If you’re full of potential enough to start earning at early age then keep one thing in your mind start your investment aggressively as early as you can so that you can re-balance when you will reach to the age of 50.
The most crucial factor is how you manage your money when you’re into the, “Saving & Investment”. Because this factor is going to decide the direction of your investment. More you balanced more you will be beneficial. Similarly, it is important for you to stay focussed while you’re managing the money after the retirement.
Most Important & Deciding Factor of the Successful Retirement is Most of Your Money Should be Involved into the GROWTH MODE.
Relax seat on the chair, grab one calculator and think about the figure which you need for your retirement. You will wonder you need to work more for at least next 80 years to fulfil your own desires after consideration of the current life style, world market, and the inflation rate. You need to think of your retirement seriously for your own safety. So that you can take a successful retirement by choice.