How to erase financial survival from your retirement agenda
Retirement is a lot more than just money and financial survival. Retirement is about having a happy and fulfilling life. It’s about being free of work constraints and enjoying your life as much as possible.
Retiring early can be difficult if you don’t have a plan, but it can be done with careful planning!
Unfortunately, many people go wrong in their retirement planning. One common mistake is not getting an early start on saving for retirement.
Another mistake is reducing savings over time, which can make it difficult to achieve retirement goals.
Additionally, agreeing to support adult children can put a strain on retirement finances.
Finally, overlooking contribution limits for retirement accounts can result in missed opportunities for savings.
By avoiding these common mistakes and following sound retirement planning principles, it’s possible to erase financial survival from the retirement agenda and enjoy a comfortable and stress-free retirement.
Viewing financial survival from a positive perspective, we are talking about how to stay wealthy in retirement.
How to Avoid Having Financial Survival on Your Retirement Agenda
It is a time for you to enjoy your life and make the most of it. Retirement is an opportunity to do things that have always been on your bucket list, whether it’s traveling around the world or starting your own business.
With this in mind, here are some tips on how you can make sure that your retirement years are enjoyable:
- Plan ahead – It’s important to start planning early so that when the time comes for you to retire, everything will be ready for it! You may want to consider hiring a financial planner or accountant who can help guide these decisions through their expertise and experience with similar situations before moving forward with them yourself (if possible).
- Invest wisely – Here comes advice from professionals who understand investments better than most people do: “Investing should be viewed as building wealth over time through compound interest rates.”
But, then, you have a group of people who need help to go through this planning part for different reasons before retiring. I was one of them.
A happy and fulfilling life is more important than financial survival
The goal of retirement is to have a happy and fulfilling life. The key to achieving this goal is not just about money but also the planning and preparation you put into your retirement journey.
Retirement is not a destination; it’s an experience that should be enjoyed every day. You need to plan for your future so that when the time comes, you can enjoy every moment with peace of mind knowing that all your bases are covered financially or otherwise (e.g., health).
There are many ways to make extra income in retirement.
There are many ways to make extra income in retirement. You could start a side hustle, like selling items on eBay or Amazon Marketplace. Or you can get into affiliate marketing, which involves promoting products on your blog or YouTube channel and earning a commission when someone buys through your links.
If that’s not for you, but you still have some entrepreneurial spirit left over from when you were younger, consulting with businesses may be worth looking into, especially if something specific about their industry interests you.
Finally, many retirees choose part-time jobs or freelancing work because they enjoy working with people but don’t want the stress of full-time employment anymore; this allows them more time for family and friends without sacrificing financial security!
A high savings rate is important to not be in financial survival mode
A high savings rate is vital for a comfortable retirement. You need to save enough to live on in your later years, but how much is enough? That depends on your age and lifestyle. The earlier you start saving, the more time-compounding interest has to work its magic on your nest egg.
So far, so good, but only some people have the opportunity to plan for their retirement as it should be, according to all advice.
When I retired, it was quite an abrupt situation where the company I worked for was leaving the country. Who would like to hire a foreigner already passing the 60-years line?
Thanks to this, I finally understood how the corporate world functions. You are just a brick in a corporate game. They view you as a resource and less like a human.
When “the s**t hits the fan,” and you wake up from a long corporate dream, climbing the career ladder, another engine sets in; the solo-entrepreneur mentality.
To Predict the Future Correctly Doesn’t Include Financial Survival
There is no way to predict the future, so you must be prepared for anything coming your way. The best thing you can do is save money and invest in yourself and your future.
You should always have an emergency fund if something unexpected happens, like an illness or job loss.
You never know when these things happen, so it’s best if you are prepared by having a little bit of extra cash on hand at all times.
With the growing digitalization of the world, I always recommend starting some side hustle. You never know what will happen in the future; a reason a small business to run in your spare time could be a rescue platform if things turn out bad.
Here’s the link mentioned in the video: https://tvdmexonline.com/Retired-Lifestyle
Many also start a business online, more like a hobby. When noticing that the business brings in an essential amount of money, it all gets into a different mode.
To enjoy life after you have retired is much more than money
Retirement is not only about money and financial survival. There are many ways to enjoy life after you have retired, as long as you have an emergency fund that can take care of unexpected events.
A good rule of thumb when building your retirement fund is to have enough money to cover six months’ worth of expenses if something happens and your income stops (like unemployment).
If you don’t want to use a credit card, which is not recommended because it will cost more than using cash directly, consider getting a loan from the bank or even taking out an equity line on your house.
All this is well-known advice you get everywhere.
Final words on why financial survival is a nightmare
The best way to prepare for retirement is to start early and save as much money as possible. You should also consider planning your retirement around certain events, such as health issues or family milestones.
And if you have a limited amount of savings?
If you remember what we said earlier, there are two ways to avoid your financial survival nightmare when retiring:
- Rely on saving funds
- Add new income streams
As you can notice, the first alternative is based on historical measures, and there is nothing you can do about when to retire.
The second alternative, though, is something you can take action on now. It’s something that always be there for you whenever you decide to make it happen.
When you click on the banner below, you do that because you are convinced that it’s the right way to go. To be honest with you, it’s one of the very few alternatives you got to avoid your retirement as a financial survival nightmare.
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Jan O. Nilsson – Retirement is Much More Than Money and Financial Survival <== to the top of the page