Are You an Outgoing Hunk In Your Early Thirties?
We become somewhat romantic in our imagination of the retired life. Lots of books unread, lots of places unseen and lots of relaxation to be cherished! But to fulfill your dreams in the 60’s you have to make plans right from your twenties. Does it sound too hard a task to be accomplished? Not at all! Even if you did not pay heed to this before and now you are well into your thirties, yet it is not too late to start fresh. Starting a retirement plan in the thirties is a bit tougher, but believe me it is not impossible and if you follow the right planning you will be able to live on the income to fulfill all your retirement hopes and dreams you have nurtured for years.
Retirement planning involves answering of a few questions like what type of retired life you anticipate for. What are the means at hand to achieve these retirement goals? Will you continue with your health and life insurances after retirement? Where will you prefer to spend your retired life, in a retirement home or at your own home? Will you want to move to some long-term care provider as you grow older? These and few more questions have to be addressed before you start contributing in some kind of retirement fund. Since you have already reached your thirties, you cannot afford to make any further delays in answering these questions if you want to continue with the desired lifestyle after retirement.
Thirties is the phase of a person’s life, when he is well into a family life. But it is also the time to get started in the retirement planning. To get started, first of all you have to make a budget. It will help you to get a clearer picture of how much money is coming in forms of dividends, bonus, etc. in addition to your regular paychecks. Now calculate how much is getting drained out every month. Go through the bills and expenses of the previous two or three months. This will give you insight on the extra money that is going away from your account in the form of unnecessary spending. Now take measures to stop this drainage of money.
It is a good idea to take the help of a consultant to discuss the options of several retirement plans. There are obviously many options to think beyond 401K plans. You can take the help of the executive of your company’s human resource department to know in details about your retirement benefits. Regardless of the type of the investment plans, you should first try to understand the pros and cons of the plan and then only put your hard earned money into it.
Staying organized with regard to the documentations and paper work is another important part of a retirement plan. Explain to your spouse about all the vital documents and also let your spouse know about their location, so that they can be found easily at the times of need even if you are not around.
For some, retirement planning means romanticizing about the golden years of their lives. But a practical man accumulates wealth today to live a life of his dream in the nonworking years of tomorrow. This also implies that you should live well within your means today, keep an eye on your health by pursuing a healthy lifestyle and saving adequately for the future.