Retirement means a permanent leave from a particular job or a working place. At a young age when you are doing any job or work, you earn income which is satisfactory over your expenses and lifestyle. On the other hand, life after retirement is not exactly a joy ride. Not only do you have to change your lifestyle but also have to balance your expenses and needs. In your early year when you save some part of taxable income, these savings will surely help you in your future. Most of you can’t judge how much to save your income for future use. Some experts suggest that one should invest at least 15-20% of their monthly income towards retirement funds. For working couples, mutual decisions and understanding play an important role to decide the lifestyle after retirement.
Couples planning for retirement have to face certain challenges at their age. It is said that at the age of 40 you make real money. Making decisions regarding your money is not easy. There are certainties, possibilities, and also uncertainties. Retirement requires balancing between these. Your lifestyle portrays the estimation of money that you will need. Try to save 15% of your income per year. Keep that as your ‘savings for retirement’. Retirement involves a combination of personal planning and financial planning. Retirement planning includes calculation of expenses, identifying the income sources, and programming the savings.
The process of retirement planning can be held by the professionals called retirement planner by the national association of personal financial coach. You can approach an experienced retirement planner such as ourselves. Also, there is a retirement calculator that can help you in estimating how much money you need before retirement and how to make plans for it. It is easy when you have to plan a retirement as an individual but is a little difficult couple. This is because you both differ in spending, needs, income. There are certain points which must be crystal clear between you both, like-
“How you want to spend the rest of your life after retirement?”
“where you want to live after retirement?”.
“What you want to do after we get to retire?”
Being a working couple and planning to retire, you must plan the spending and prepare a budget for your upcoming life probably after retirement. The option for you is the retirement planner. A retirement planner will help you in the ways you could never plan. Retirement planning must be efficient and worth executing, which can be done by a planner.
Considering the age and health difference one of you may live longer than the other, keeping all these points under consideration, one must plan for the retirement. When it comes to a well-planned future after retirement, you should always take some good advice from a professional i.e., retirement planning advisor. A retirement planning advisor gives you a piece of suitable and effective advice regarding your plans, expenses, savings, and income.
Keeping his advice in mind, you can put up your requirements, needs, and other relevant details in Infront of the retirement planner. keeping in mind all your points, he will formulate a perfect plan for your future (life after retirement). For a working couple, best way to secure their futures are investment and assets. One should invest in money plans and long term-investments.
Keeping some part of your income for investment will be beneficial. Investments are long term as well as short term. Long term investments are mostly beneficial. Investing in funds and policies will give you a satisfactory result after a certain point in time. With the growing age, consciousness regarding health rises. Your saving and investment can come at the time of a health emergency.
Consulting with a retirement planner will reduce your stress as planning is the first step of every activity we do. Making a complete retirement plan will give you a clear vision of your life before and after retirement. The Future is uncertain and unpredictable so we should always be ready for the challenges. Life after retirement is much more tough and full of challenges. Retirement planning, planners, and advisors make your future bright and also less stressful, leading a well-planned life after retirement.