Reality of retirement life and How to plan, save and keep calm
1. Even if you’ve prepared and how generous your sources or retirement income, still money is finite. Financial “What ifs” will stare us in the face even in our retirement because our financial resources are limited during this period.
2. Even if after you retire emergency money that is outside of your regular retirement plan is very essential. You cannot handle a significant, unexpected expense from your main re-tirement savings without risking your financial for the future. So having an emergency fund will get you to manage unfore-seen circumstances.
3. Appreciate the three-legged stool of retirement income: Company pension, Social Security and Personal savings. The value of substantial savings, beyond what you accumulate in your employer’s plan is crucial during retirement period.
4. To maintain your lifestyle, aim to retire with enough income to replicate 100% of your salary base rather than the stand-ard advice to aim for 80%.
5. Inflation is real, there’s no escaping inflation, so you need to plan. Having a pool of money that you leaved untouched and allow to grow, until you need it later in retirement to offset increasing expenses can help to lessen the effect of inflation.
6. Letting go of your professional life is not easy. A big adjust-ment will be needed.
7. On your retirement period you can choice to be busy or bored. Old folks often want to retire on a paradise, playing golf, fishing on the lake etc. Retirement period should be the most enjoyed and most busy chapter of your life. The ques-tion is will you be busy doing what you want to do?
8. When you work with people for many years, your relation-ship with them might seem like it’s about more than just business. But when you retire, and you lose your authority and influence, it can feel like you dropped off the planet. Your true friends will remain. But your value to others will be gone—and so will they. Don’t be surprised.
9. Before graduating school or college, we look forward to a career. During our career, we look forward to retirement. Once retired, we look forward to waking up.
