We highly recommend early retirement planning for smart employees who recognise that the future is just as important as today.
You see, it is easy to get carried away with the concerns for each day, each week, and each month that employees forget that a time will come when they will no longer be employees for the company they currently work.
The truth is . . . no matter how good you are at your job, someday you will have to retire, even if you're a genius.
Here's a fact of life.
The only employee of a company who retires and still gets his pay in full is the founder and CEO of the company.
Therefore, the founder and CEO is the only company employee with guaranteed retirement income.
Every other employee will someday be forced to retire due to old age. And when you're retired due to old age, you become unemployable.
This is the key reason why early retirement planning is absolutely important.
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Reason #1: When you start planning early for retirement, you have more years to save money for retirement. Therefore, you are likely to have more funds in your retirement savings account when you eventually retire.
So, start planning for retirement immediately you secure your first job.
If you have been in paid employment for several years and still has not started preparing for retirement, start NOW. It is better late than never.
Reason #2: Many countries are going through economic challenges. Hence, jobs are not as available as they used to be.
So, why you're happy that you have a job today, there is no guarantee that you will still have the job 5 to 10 years from today.
Therefore, take advantage of the current job you have and start early retirement planning.
Reason #3: If you live in a country where government pension system works, be happy that you do.
However, many retirees have discovered that the payout from the pension system is often less than 25 percent of what they used to earn when they were in paid employment. How do you survive on that as a retiree?
Create your own system that will generate cash for you when you're retired. And that starts with early retirement planning.
Reason #4: If you live in a country with private sector run Pension Fund Administrators (PFA), you're likely to get a portion of your pension savings when you retire. Thereafter, the unpaid portion will be spread over several years in monthly payments to you, just like a salary.
The size of your initial payment by the PFA immediately you retire, and the monthly payments thereafter, will depend on the amount you have saved up in your pension fund account.
It still boils down to how early you start planning for retirement. The earlier you start (and the bigger your monthly payment to the pension account), the more money you will have at your disposal after retirement.
So, start planning for retirement early in your career!
What is the secret to success with early retirement planning?
There are essentially two parts:
1. Start saving money for retirement early in your career and
2. Invest the money you save for retirement in cash flowing assets
Why is this the secret to success with retirement planning?
Simple. The biggest problem employees face after retirement is lack of sufficient cash to pay for all of their bills after retirement.
Therefore, when you make investing in cash flowing assets a priority while still in paid employment, you create a system that brings in cash to your bank account outside your salary.
Consequently, when you're retired (and your salary from you day job stops), the cash inflow from other sources will continue.
Want a fun-filled life after retirement?
Invest your retirement savings in cash flowing assets while still in paid employment.
This is the secret to financial independence after retirement!
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