A funny retirement quote goes, "'The best time to start thinking about your retirement is before the boss does." When you are thinking of retiring, there are two major points you have to consider—your future financial status and your post-retirement goals. Put in to mind your income, savings, expenses, assets, as well as your debts to avoid future financial crisis. Will you still be working after retirement? Will you be opening a little business or a fancy photo gallery? Do you still have kids to send to school? Do you have a house on mortgage, loan, or have you bought it already or is it already with the bank? Do you plan to live in a senior retirement community or a home for the elders? Do you plan to go on cruises or tour that part of the world you haven’t seen yet? Will you be receiving a pension from your SSS, from the government, from your company, or from your insurance? Do you have insurance?
Make sure that you are also aware of the taxes these pensions and insurance policies will put on you, and already take knowledge of the requirements they will ask from you, especially in monetary terms. Retiring is an investment, and it can be a daunting task, especially because of the overwhelming number of retirement savings plans you find while scouting. Remember these tips: You should not retire early! Your retirement savings can grow up to 8-10% a year and waiting till you collect is the good way to go. But do not wait until it’s too late to start an investment (Note: When you are about to retire). The amount that you put in from your gross income will surely pay off when you do plan to retire. Also, don’t forget to put money in your retirement savings investment, especially if your employer matches this amount. Sign up with an employer who does contribute money to employee’s retirement investments. Keep this in mind as well: there is always risk in stocks and bonds, even the municipal ones. The higher return, the more risky the investment is. Broaden your horizons and you will have less risk. Be wary of this. Now, if you’re still confused as to where to put your investments, don’t fret. There are websites such as Kipler and Money, which have articles on retirement investments.
If you plan to work even after retiring, you have to check the laws of your Department of Labor and Employment. In a year or two, you may do so. But this may not be applicable in all countries.
Retirementhomes.com is your guide to retirement communities and retirement homes. They cater to your needs according to the type of care you need and where you will need it. If you are longing for more community information, then communityretirement.com is great for you. There are many active senior communities. Scout for the one that best suits you.
Remember, it’s never too early to start investing in your retirement, even if you are young, as there are some who are forced to retire due to illness or accidents.