One of the most exciting things about getting older has to be planning for retirement. It’s no use saving up without any idea on how you want to spend those precious years of your life. You don’t want to shoot too low either. Why would you say you wanted to go on one vacation a year, if you’d like your whole retirement to be a vacation?
Here are some tips that will help you to begin planning your best future imaginable:
Picture Yourself Without Limitations
To get an idea of where you really want to be in the future, you need to picture it, without any of the limitations you may have now. For example, you might want to sail in your own private boat or cruise the country in a sports car. But you fail to even entertain that idea because you feel money will be an issue, or you just won’t be able to for whatever reason. The old saying, ‘where there’s a will, there’s a way’ really stands here. If you want something enough, you can have it. You can find numerous ways to achieve what you want, but you first have to believe that it is achievable. No ifs, no buts, no coconuts! Start dreaming wildly and putting together a picture of what your future will look like in an ideal world. No limitations. Go!
Come Up With Ideas
Now that you know what you really want your future to look like, come up with ideas. Sure, you might be used to a fancy lifestyle with a nice expensive car or house now, but if you could downgrade your car or downsize your house and cut back on spending to achieve your dream future, wouldn’t you rather do that? Know the numbers you’ll need to achieve what you really want. Do the calculations. Now, start working out how you can put more money away.
It’s a smart idea to figure out how you can continue making money once your retirement has taken place too. That way you don’t have to just rely on what you’ve earned and saved from your career. Do your research and be smart – the internet has a plethora of free information out there, as well as affordable courses you can take to help you earn money online, from anywhere in the world. For example, you could sell things on Amazon without having to lift a finger once you’re set up, and make a decent living out of it. Retirement is the perfect time to reinvent yourself and pursue any opportunities you are passionate about. All you have to do is be prepared to teach yourself something new. Anything is possible!
Do The Sensible Stuff
While you should dream big and come up with smart ideas to help you to earn more money, you need to make sure you do the sensible stuff too. Besides using a reasonable savings withdrawal rate and planning for possible long-term care in your old age, also look into life insurance for seniors over 70 if you have people who would struggle without you, should something happen. Would you want your spouse/children to be lumbered with things like funeral expenses as well as the sadness of losing you? Probably not! Planning for the future in the best way possible means taking care of those you love too. Don’t forget it.
Your future can be brighter than you think!