May 22, 2024

8 Life Changing Tips From Retirees About Retirement Planning



Published May 25, 2023, 10:20 p.m. by Bethany


When it comes to retirement planning, there are all sorts of advice out there. However, it can be tough to decipher what you should actually do in order to plan for retirement effectively.

To help you out, we’ve compiled a list of 8 life-changing tips from retirees about retirement planning. Hopefully, these tips will give you a better idea of what you need to do in order to retire comfortably.

1. Start saving as early as possible

This is probably the most common piece of advice when it comes to retirement planning. The sooner you start saving, the more time your money has to grow.

If you start saving in your 20s, you’ll be in a much better position than if you start in your 40s. However, it’s never too late to start saving. Even if you only have a few years until retirement, every little bit helps.

2. Invest in yourself

One of the best things you can do for your future is to invest in yourself. This can mean taking courses, learning new skills, or anything else that will make you more marketable.

The more skills you have, the better your chances are of finding a well-paying job. This will help you save more money and reach retirement sooner.

3. Live below your means

One of the biggest mistakes people make is living beyond their means. Just because you can afford something doesn’t mean you should buy it.

If you want to retire comfortably, it’s important to live below your means. This will help you save more money and reduce your overall expenses.

4. Have multiple streams of income

Having multiple streams of income is a great way to secure your financial future. If you have multiple sources of income, you’ll be in a much better position if one of them dries up.

There are many different ways to generate additional income. You could invest in real estate, start a side business, or even get a part-time job.

5. Make a budget and stick to it

If you want to retire comfortably, it’s important to be mindful of your spending. The best way to do this is to create a budget and stick to it.

Tracking your spending and knowing where your money is going is a great way to stay on track. If you find that you’re spending too much in one area, you can make adjustments to ensure that your money is going where it needs to go.

6. Invest in your health

Your health is one of your most important assets. Investing in your health now will pay off in the future.

Eating healthy, exercising, and getting regular checkups are all great ways to invest in your health. The better your health is, the less likely you are to experience major health problems down the road.

7. Have a retirement plan

It’s important to have a retirement plan. This will help you stay on track and reach your retirement goals.

Your retirement plan should include how much money you need to save, when you want to retire, and what you want to do in retirement. Having a plan will help you stay focused and motivated.

8. Seek professional help

If you’re having trouble creating a retirement plan or sticking to it, seek professional help. There are many financial advisors and retirement planners who can help you reach your goals.

Working with a professional can be a great way to get on track and make sure that you’re doing everything right. They can help you create a plan and make adjustments as needed.

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[Music]

they say experience is the best teacher

which we can all relate to and it's for

pretty much everything in life so when

it comes to retirement getting advice

from folks who've already retired can be

super helpful they can help you steer

clear of common pitfalls and show you

how to make your retirement years truly

happy and fulfilling

there Comes A Time in everyone's life

when you just want to put your feet up

kick back and live stress-free and for

most people This Is How They picture

retirement for most folks retirement

planning is about more than just

stashing away some cash you've got to

think about things like your lifestyle

family and health too

before you take the plunge and leave the

workforce it's important to really

assess where you're at and what you'll

need to live your best life in

retirement after all only you can decide

when it's time to call it quits and

spend the rest of your life on some

tropical island sipping cocktails

soaking up the warm sunshine and gazing

out at the ocean if that's your dream

now none of us have a crystal ball to

see into the future but that doesn't

mean we can't plan for an amazing

retirement no matter if you're aiming to

retire early or later on the best advice

often comes from people who've already

retired they've been there done that and

can give you the inside scoop on what to

expect

so if you're looking for some wisdom

here are 8 common tips retirees love to

share about retirement planning

tip number one Envision the lifestyle

you want retirement can be pricey so

it's important to think about the kind

of life you want to live once you're

done working start by figuring out your

retirement goals and make a plan they

say you need about 70 to 90 percent of

your pre-retirement income to maintain

your lifestyle so planning ahead is key

take some time to estimate your monthly

expenses in retirement including housing

costs and any debts you might have this

will help you determine how much money

you'll need to keep living comfortably

after you stop working if you're just

beginning to think about retirement and

could use some guidance consider talking

to a financial advisor they can help you

figure out how much you need to save and

create a plan to ensure you have a

steady income during retirement that way

you can cover your bills and still have

a little extra for the fun stuff once

you know your needs it will be easy for

you to structure your savings this takes

us to the next tip tip number two start

saving a lot of folks make the mistake

of not saving money regularly because

they think they need a ton of cash to

start but that's just not true you can

start saving little by little whether

it's every week every two weeks or every

month you don't have to put away a huge

chunk of money right away start small

and save more as you go along it's

especially important to save for

retirement so you have a safety net when

you're done working or want to reduce

your hours if you're already saving keep

up the good work if you haven't started

yet make it a priority and begin as soon

as you can create a plan set goals and

stick to them remember the sooner you

start saving the more time your money

has to grow

tip number three learn about your

employer's pension plan

if your employer has a traditional

Pension Plan it's a good idea to find

out if you're covered and how it all

works ask for a statement of your

personal benefits to see how much it's

worth also check what happens to your

pension if you switch jobs and see if

you have any benefits from previous jobs

don't forget to find out if you're

eligible for coverage under your

spouse's plan too

if your employer offers a retirement

Savings Plan like a 401k make sure you

sign up and contribute as much as you

can your taxes will be lower because

your company contributes too and having

automatic deductions makes it super easy

over time compound interest and deferred

tax payments can really add up so get to

know your plan figure out how much you

need to contribute to get the full

employer match and how long you need to

be a part of the plan to keep that money

tip number four open an individual

retirement account

if you are self-employed or your

employer does not have a retirement

Savings Plan consider opening up an

individual retirement account also known

as an IRA account

an individual retirement account Ira

lets you save money for the future while

offering some nice tax benefits you can

contribute as much as you're comfortable

with even starting small if needed

there are different types of Ires so

your contributions and withdrawals are

taxed based on the option you choose

plus your post tax returns depend on

inflation and the type of Ira you have

what's cool is that you can set up an

IRA to automatically transfer money from

your checking or savings account right

into your IRA account

individual retirement accounts are

designed to be long-term savings

vehicles for retirement so withdrawing

funds before retirement reduces your

savings hurting your retirement assets

that's why generally speaking you can't

take money out of your IRA account

before you turn 59 without a substantial

tax penalty equal to 10 percent of the

funds withdrawn in addition to regular

taxes owed

tip number five don't retire early

thought of early retirement is so

tempting especially if you've been

financially successful throughout your

career and are in a position to retire

earlier than you had initially planned

but the truth is that you need to save

enough money to make your early

retirement dreams come true so once you

have a plan give yourself enough time to

make enough money and reach your other

goals

while it often sounds nice to stop

working early you might not be able to

do so without a retirement plan huge

savings and the right Investments the

truth is that transitioning into

retirement can be much more expensive

than many realize therefore you need

enough money stashed away otherwise you

might be stuck with a fixed income and

have trouble making ends meet

if you need help figuring out where to

start contact a reputable financial

advisor for advice they'll review your

finances with you and let you know if

you can retire early or need to keep

working for a while longer

tip number six grow your money by

investing

if you delay retirement and choose to

spend your time making more money don't

just save the money invest it wisely to

make it grow

your saving practices are just as

important as how much you save several

factors including inflation and the

kinds of Investments you make

significantly impact your retirement

savings therefore you must learn basic

investment principles before you can

start

find out how your savings or pension

plan is invested dive into the

investment options available in your

plan and don't hesitate to ask questions

for a clearer understanding

spread your savings across various

Investments because diversifying helps

reduce risk and boosts your potential

returns

keep in mind that your investment

strategy might change as you age or as

your goals and financial situation

evolve being financially educated will

make it a whole lot easier for you to

make smart investment choices

tip number seven review your finances

and make adjustments

another way to build up your funds is by

taking a close look at your finances and

adjusting your spending to better fit

your needs and retirement goals if

you're carrying any debt like credit

card balances auto loans or student

loans it's important to pay them off

those debts won't just vanish when you

retire and getting rid of them will give

you one less thing to stress about

tackling them while you still have a

steady income or job will be much easier

than trying to handle them once you stop

working

to pay off your debts more quickly

without taking on additional loans one

consider cutting back on expenses like

rent car payments and other

discretionary spending two if your

current living situation is costly think

about downsizing to a smaller Home Three

look for a more budget-friendly option

particularly when it comes to property

taxes alternatively if you have a large

home you could rent out extra rooms to

bring in some extra cash

tip number eight invest in your health

though it's hard to imagine your health

deteriorating as you get older the truth

is that most of us will need some kind

of long-term medical care when we retire

in fact one study reveals that people

who reach 65 today have a 70 likelihood

of needing some sort of long-term care

in the future

costs for health care in retirement can

be high but if you save now you can

build up enough money to pay for these

costs in the future

whether or not your health is great

right now you should take action to

ensure your health doesn't get worse

in addition because health status

changes with age you must take care of

yourself to prevent the risks of any

medical complications

fortunately there are many ways to do

this such as working out eating well and

getting enough sleep however it's also

essential to have a primary care

provider who can help steer your health

in the right direction if you're

interested in purchasing long-term care

insurance you should also look into

these policies as soon as possible to

get the best rates

planning for retirement doesn't have to

be unpleasant or stressful all that's

required is transparency and honesty in

this video we wanted to help you make

plans for the future with confidence

knowing exactly what you need to do to

achieve your retirement goals hopefully

the tips mentioned will be beneficial

however while they are meant to point

you in the right direction you'll need

more information so do some research

read books and articles and talk to your

employer Bank Union or financial advisor

to get practical advice that brings us

to the end of the video thank you for

watching and staying with me till the

end if you have any comments or thoughts

you would like to share please do so in

the comment section below I'm looking

forward to hearing from you lastly

remember to like and share this video

with your family and friends and

remember to subscribe if you haven't

until next time have a lovely day

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