How to Reassess Your Financial Planning to Ensure Safe Post-Retirement Life

I’m getting excited for Spring to get here and start enjoying the outdoors in beautiful Colorado. But Summer days aren’t about not having school anymore. I have been thinking and preparing my retirement a lot lately and I need to keep focused on creating income generating assets. I hope you find my research as useful as it is to me.

Have you planned your retirement? Have you tried to assess your financial condition relating to your retirement? Do you have in your mind that retirement planning is to be done even when your retirement age or are at the borderline of it?

If you think so, then you are wrong. Contrary to popular belief, retirement planning must be done at the same time you start to earn. Yes, this is the wisest decision. Everyone has dreams, dreams of post retirement life when they can go around the world or visit places of recreation or buy that very expensive car when they always wanted.

To fulfill these dreams, you need to structure your financial pyramid around a lush and green land of proper retirement thinking instead of around an unplanned and dry desert. For this you need to reassess your financial planning.

Good financial planning for post retirement life will positively affect you, your spouse, your children and your grandchildren. It will reassure them that yes you are not needy and that you are not a burden on anyone. It will assure you that you are independent until your breath ceases or you are in a position to turn your dreams into reality.

Studies show that those who properly plan their retirement are more likely to have a good effect on their children and grandchildren. They feel safe that their parents and grandparents will not go through financial troubles.

There are many factors that determine a good post retirement life. And in the same way there are several ways to make your post retirement life enjoyable.

1. First select the age when you want to retire. The official retirement age is 60-65 and the voluntary retirement age is 50-55 years. The advantages of early retirement plan are that you get more youthful time to enjoy your retirement.

By retiring early you can work harder, accumulate more amount of money for retirement purposes and spend at least ten years of youthful life.

The disadvantage is you need to work a lot more than you usually do to make up for the ten years early retirement. Moreover, due to retiring before the allotted retirement age, you will lose upon a horde of benefits set for those choose official age of retirement. And your pension will also be decreased significantly.

If you retire at the proper age of retirement that is the age of 60-65 years, you will get the proper pension allotted by the government. You can work even more and have a bonus of plus 10 years of income to add up to your retirement plans. You will be benefited with the many normal retirement age benefits too.

2. You can plan for automatic earning. This can be done by buying a piece of land which is in demand, and over the years the value of this piece of land will increase significantly. When you retire, or before you retire, you can sell this property in that future market price and have yourself benefited with automatic money.

Another way of garnering automatic money is to build a home and give it for rent. You can accumulate this rent along with your monthly office earning and use this additional money for your post retirement plans.

3. Meet a good retirement planner. Retirement planners look after your tax issues, mortgage issues, guide you in better saving and investing options, etc.

4. You can choose between saving and investing money. You can either save money from your monthly income, keeping aside a particular amount of income and accumulating it for your retirement plans.

5. You can invest money in the stock market. Stock market investments are legal jackpots in a way. You may buy a very small share of a particular firm and over the years, when this company’s value significantly increases, your eyes will feast upon a lot of money to fulfill your post retirements plans or even plan an early retirement.

But proper and detailed research must be conducted regarding the stock market, the differences between stocks, the condition of the company, a background check of the company, and its potential it truly has.

6. If you possess a particular talent which you haven’t professionally utilized, then you can make use of it to earn extra income for your post retirement.

If you are a hobby artist or a casual blogger and you are good at this, you can utilize them, apart from your original job and if your talent is recognized, it is all the better for you!

Retirement plans are to be made at a very early age. Following the above tips, I can say that your post retirement dreams have a good chance of being turned into beautiful reality. The only thing left is to put the initiative into motion.

You may also need to consider buying life insurance. This is a long term savings, but as you get older, the benefits are all on your side. Click here to see your options.