Do your sums to ensure a happy retirement

The word “retirement” is accepted favourably by some and with fear by others. It could mean one thing to you and something completely different to your friend our neighbour. Some people look forward to pursuing new hobbies or interests while others look forward to relaxing.

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Retirement

Usually, people think of retirement as feeling good about your life after career as finally you can live a relaxing life, but it can be a tricky thing. If you fail to plan and prepare for your retirement, you may feel worried about your finances. So in order for you to be worry free on the time you retire, you should plan beforehand.

Retirement planning is a continuous procedure, and you would have to try to foresee things. Although, no one can predict everything but it will be better to try to be close enough can do some benefits.

Many working people are too scared to retire to retire. The obvious reason is because they are worried about how things will go down when they cut that income off. But the truth is, retirement planning can shed off that fear and it’s not a hard science.

The first step of planning for retirement is assessing your financial situation. You need to make an inventory of all your current assets, liabilities, incomes and expenses. You can sit with your retirement planner and make an estimate of what your responsibilities and expenses would be. When you’ve retired, some expenses may stay the same, like groceries and insurance, and others.

Once you have assessed your finances, the next step is to know what you want when you retire. Know what kind of lifestyle you want after your retirement. Consider everything that may even seem small to you so that you would be prepared for it.

Read this interesting article on how to retire happily: https://www.watoday.com.au/money/planning-and-budgeting/do-your-sums-to-ensure-a-happy-retirement-20190425-p51h3i.html