Optimize Your Retirement Income with These Tips Tag: Retirement
Posted by Ocean Wealth
The primary purpose of financial planning is retirement. One day you'll be hanging up your work keys and giving up the 9 to 5.
The primary purpose of financial planning is retirement. One day you'll be hanging up your work keys and giving up the 9 to 5.
Financial planning and retirement planning are like peanut butter and jelly — you can’t really have one without the other.
Retirement often comes swiftly and without much warning. One day you’re working 40 hours a week, then suddenly, you’re at home with plenty of time on your hands. It happens so fast, in fact, that you sometimes don’t even have time to get around to all your outstanding debts.
The wheels don’t stop turning in your head just because you’ve retired. In fact, some of the top entrepreneurs in the world didn’t get their start until later in life. American icon and KFC founder Colonel Sanders, for example...
We’ve got it pretty good up here.
We all go through different stages of life. Whether it’s dying our hair pink or moving to a new city, these stages represent different phases. As each stage inevitably ends, a new one opens up. It’s the accumulation of these stages that turns us into the people we are today.
As a small business owner, you’re used to doing everything on your own. Self-employment comes with a set of unique responsibilities that differ from regular employees. You’re always on-the-go and dealing with day-to-day tasks involved in running your business. With so many things on your plate, it’s easy to forget the future and live in the now instead.
Listen, there’s plenty of people out there who don’t own a sprawling mansion with a private helicopter. Come to think of it, there’s probably a lot more people without those things than with them. The idea that you need to own a big house and have large retirement savings to build an estate plan couldn’t be further from the truth.
Retirement is always a time of personal reflection. As it edges closer, people start assessing their past, present, and most importantly, future. They think about how much time they’re going to spend with family and friends, where they want to travel, and even their current living situation.
There’s any number of reasons that can lead you to sell your business. It can be as cut and dried as retirement or something more complicated such as a serious health concern. The decision can even come out of nowhere with a sudden change of heart about the line of work you’re in. But it’s what happens once that decision is made that becomes especially critical.
As we all know, retirement planning can be difficult. There are a number of ways to stay afloat during the golden years of your life, with some methods more common than others.
Imagine working your entire adult life only to reach the end of the tunnel with zero savings. You spent money frivolously throughout your working life or, worse still, you worked pay cheque to pay cheque, and you've reached a point where it comes back to haunt you...