52 Simple Ways to Manage Your Money – 32. Putting Gold Into The Golden Years – Retirement Planning
What it is …
It is the time set aside after traditional work years have ended— a time of self-realization and the achievement of all those leftover items you never had time for when you were working.
More importantly, it is the act of preparing now in order to enjoy later.
How it helps…
You can sleep nights by erasing worries about being old and broke.
You stay in control of your life and your finances.
Key items to look for…
A retirement plan in addition to your social security benefits.
Medical insurance to supplement Medicare.
Explore various lifestyle choices.
Time …
Three hours to set up.
As much time (continuing) as you can devote to the subject until you feel comfortable with your plans.
Keys to action …
Determine the lifestyle you want.
Set goals, such as reading one article a week on a particular subject related to retirement.
Learn about various options by reading and attending seminars on retirement planning. Some subjects to consider include: housing, fitness, social activities, travel, and community resources.
SET IT UP
The earlier you begin to plan for retirement, the better off you will be, because you can save in smaller increments.
STEP ON IT
Consider your employer’s plan with every job. If you are self-employed, start an appropriate plan as soon as possible.
STEP ON IT +
Be aware of your rights under all plans. Some require certain types of withdrawals, and others will let you borrow against the principle under certain conditions.
Notice…
Your feelings about the subject. Some people are pleasantly surprised to find that letting their imagination run free can be stimulating.
Your willingness to consider new and unusual plans.
But what if…
I am overwhelmed?
- Take a large subject, such as retirement, and divide it into small, easy-to-manage portions.
My company retirement plan changes?
- Explore all the legal alternatives.
- Have “Plan B” in place: diversify your savings and investments so that you have coverage in several types of savings.
Thought primers…
One of the things that scares me about this subject…
To me, retirement means…
Ac the thought of being retired, I…
One of the ways I will benefit from planning for my retirement now is..
When I think of all the decisions related to retirement, I…
Facing life without a regular paycheck coming in makes me…
