Knowing if the money you are currently saving is sufficient for your retirement and also knowing what kind of activities you will do to pass the time are important questions that must be asked before planning your retirement.
What should be asked before retirement?
In order to make sure that the efforts that are being made are sufficient for that stage in which you cannot work anymore, we have these four questions that will help make the transition much easier.
Will I have enough money to live?
You are probably thinking about how to prepare yourself psychologically and you may have forgotten about economics. If you forget to think about the economic area, surely you will be lacking when you stop working. Check how your pension accounts are, whether you have given voluntary contributions or your employer has given them. Review your insurance and investments, if any. Then make a sum of the income you will receive monthly on your retirement. Make a comparison with what you earn now.
What will I do with my free time?
Most people consider that once they have free time they can catch up on their readings. They are surprised to see that after a few weeks they get bored.
An excellent way to make the transition easier is to work part-time, so you can maintain certain activities and motivations to receive certain income, and of course, keep busy. To do this, your boss must agree. Later you can retire completely.
Find different activities to fill in the gaps. You can learn a new language, exercise, volunteer, family activities or travel.
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Where will the life?
The living conditions that you have now could not be optimal for when you retire. The house you live in and the time you spend cleaning it may not work afterward. As you get older, you will try to have a much simpler life. A large house that takes time to clean itself will only waste energy or even money in vain.
Once that time comes, you could sell the house to move to a house more suited to your future needs. Many people also consider that they must move to a nursing home in order to receive full-time medical and specialized assistance. The money from the sale of your current home, or even rent, could help you pay for all of these expenses.
How should I organize my finances later?
Because you will no longer be working, your employer will no longer pay taxes for you. You need to consult with a professional and tell him how you should do it from now on.
Finally, our main recommendation is that you do not rely solely on the contributions that your employer makes. Look for different options to ensure that you will have a quiet retirement and that the money will be enough.
Many people dread having to think at that moment, as it is full of uncertainty. The best thing you can do is not let the thoughts overwhelm you and take action, get insurance or start saving now.