Retirement Words Of Wisdom
Advice from current retirees can be very helpful if you heed the advice. Many people currently retired wish they would have better prepared for their own retirement. They wish they could do it all over again. Take their advice so that when you are ready to retire, you don’t have the same regrets that they do.
Avoiding Retirement Regrets
#1 – Save as much money as you possibly can while working
When you retire you will have the time to do all the things you dreamed of doing. The problem is the money. You may have the time but do you also have the dime? If you do not have the money to do anything you will have a very boring retirement.
#2 – There are no do-overs, don’t blow it
You get one shot at saving enough money for retirement. You get your working years, period. Once you hit retirement age, your main earning years are over. The earlier in your career that you understand the value of your working years the better.
#3 – Make retirement planning a priority
It’s easy to avoid retirement planning. When you have to focus on your health, your career, your kids and then the care of your elderly parents it’s easy to make the excuse that you don’t have the energy to also plan for retirement. Put retirement planning right up there with your other responsibilities.
#4 – Stay grounded
Avoid being your own worst enemy when it comes to retirement planning. Do not be skittish when the markets become turbulent. Stay invested, don’t pull out. The markets will rebound, stick with it.
#5 – Stay disciplined
Planning for 30 years of retirement is not a one time occurrence, it’s a life long achievement. It will take all of your 40 working years to accumulate enough money to afford your 30 retirement years.
#6 – Make the sacrifices
You may have to give some things up to be able to squirrel away enough money to afford retirement. Do it, it’s worth it.
#7 – Do your own follow through
Design and create your retirement plan investments and then monitor them religiously. Your retirement is only important to you, therefore you need to do the follow-up. It’s okay to get financial advice, but that professional does not care about your retirement money as much as you do.
#8 – Invest early, invest often
Take full advantage of compound interest. The time value of money is amazing and can be a very helpful financial tool. Start investing the day you get your first paycheck. The longer your money is invested the greater your accumulation will be.
#9 – It’s not about your income
It’s not about how much you make, it’s about how much of what you make you keep. You either live a wild, spend free working life and never afford retirement or you live a simple working and retirement life. The choice is yours.
It’s Your Money
You only get so much disposable income over your working years. How you choose to use that money will determine if you can eventually afford retirement. If you plan properly and tighten up your financial habits, you will have enough money. Learn from the financial mistakes of others, start today.