Preparing for retirement is not as easy as it seems. If it was that easy, millions of retirees will not be wallowing in poverty during their retirement life.
In reality, the success of your retirement planning strategy depends on the principles (or foundation) on which your preparation for retirement is based.
Therefore, when planning for retirement, I recommend that you keep these three indisputable facts in mind:
1. You will always need money to spend as long as you're alive. Therefore, the future is just as important as today.
2. The order you get, the less employable you become (especially when you get to your sixties). And the less employable you become, the less money you will have at your disposal. And, therefore, the more difficult life can become.
3. If you don't have sufficient cash after retirement, then you have to depend on others to help you out financially. (e.g. your children or the government). And when someone else (or a government agency) pay your bills, they will tend to want to control you or dictate to you. That will take away your independence and may really piss you off.
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The truth is . . . when preparing for retirement, you must put into consideration your expected financial position after you retire.
You see, whether you like it or not, you need money to do virtually everything worth doing in life.
You also need sufficient funds to maintain your independence, especially after you retire from your day job.
Yes, money makes the world go round!
Therefore, the more money you have to spend after retirement, the happier and more fulfilled you're likely to be.
This is an indisputable fact.
Now that we have established that you need money . . . and lots of it . . . to fund your retirement, you must keep this at the forefront of your plans when preparing for retirement.
The first step is to recognise that the amount of funds that you will have available to you after retirement depends on the financial decisions you make today while still in paid employment.
The second step is to actually do something about it.
What can you do about it?
Where will you get the money to fund your retirement?
Well, when preparing for retirement, you need to understand that the funds that will be available to you to spend after retirement will partly come from the salary you're earning right now from your paid job.
The salary you're earning right now from your paid job will be the seed money that will attract other money to your retirement fund.
If your retirement planning strategy is rock-solid, the sources of funds for your retirement life may include the following:
1. Savings from the salary earned from your day job
2. Interest earned on your mutual fund investments
3. Dividends earned from your stock investments
4. Cash flow from your real estate investments
5. Capital appreciation from your real estate investments
6. Profits from your own business
When you have diversified income sources like the ones listed above, the monthly and yearly income from these different sources will likely be sufficient to fund your retirement life, if you're not extravagant.
Don't want to be a burden to your family retirement?
Don't want to lose your financial independence after retirement?
Then start preparing for retirement early in your career.
More importantly, diversify your investment so you have multiple sources of income even after retirement.
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