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How’s your retirement planning going? Maybe you’re young and you think you’ll get to that later. Maybe you’re middle-aged and you’re so busy paying a mortgage and looking after your kids that you think that now is a bad time. Or maybe you’re older. If you’re lucky, you have a carefully thought-out retirement plan. Or maybe, panic is beginning to set in as you wish you’d done more in your younger years. We’re here to say that you can always begin planning for retirement. So… what do you need to know?
Why plan for retirement?
If COVID-19 has taught us anything, it is that the best-laid plans of mice and men often go awry. The future is unknown; however, planning for your retirement now can give you some control over what may happen. For example, if you have to stop working before your expected retirement age, you will have some money set aside to make your reality more bearable. You won’t have to worry about becoming a burden to your children, having to sell your house, or a number of frightening issues that can arise with forced early retirement.
However, even if you have a long and successful career, planning for your retirement will allow you to continue being financially independent. You don’t want to lose the ability to do the things you love when you retire. So, whether you want to continue buying wonderful presents for your grandchildren or travelling to exotic locations, retirement planning can help you to maintain the lifestyle that you want.
Retirement planning will help to lower your stress and the stress of your spouse as well. Money problems are one of the leading causes of stress and divorce. Planning for your retirement is a huge step in building a secure financial future. A well-planned retirement will reduce future financial challenges and allow you to lead a lower-stress and happier life.
How do you plan for retirement?
The first step is to talk to a financial advisor. There are a lot of factors to consider and an expert will make sure that you’re not missing any critical details. You’ll need to discuss your current age and expected retirement age, your spending needs and your plans for the future. A financial advisor will help you devise a plan that is perfectly tailored for your situation.
You can also consider an annuity. An annuity is a financial product that allows you to pay premiums and then receive a lump sum or regular payments in the future. Therefore, an annuity can provide a lifelong income stream post-retirement. However, you can reap the rewards of an annuity almost immediately. Contributions to a registered annuity are tax-exempt up to specified maximum amounts per year. So, you can deduct annuity payments from your taxes and be paid by the government to save. That’s right – retirement planning can put money in your pocket right now!
So… how’s your retirement planning going? If your answer to the question is, “It’s not going well,” then you don’t have to continue to feel anxious and stressed. You can get the help you need to start retirement planning today. Your future self will thank you.