Tag Archives: retire

Jan29

Why You Should Plan For Retirement Early

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Why You Should Plan For Retirement Early

Despite how important retirement is, a lot of us leave planning to the last minute. You might plan to get around to it soon, but ‘soon’ can easily become ‘next year’, and then it’s too late. Most people don’t know how much cash they will need to retire securely, and many don’t have a pension at all. It’s never too early to plan no matter when your dream retirement awaits you so get started with the tips below:

When Do You Want To Retire? When Can You?

Think about your ideal retirement and look at your finances to start planning from tomorrow. This will help you to work out if there is a distance between when you want to retire and when you actually will be able to. Are you hoping for mortgage-free living in retirement or will you live in a retirement community? Do you want to enjoy your retirement with travel and restaurants? Or perhaps you are interested in moving states and have been researching the best places to live in tennessee for retirees (or wherever strikes your fancy)? Try to work out how much you expect to spend each month.

By working out these things early, if you find you can’t reach your ideal retirement with your current finances and the rate you’re saving at, you can work out how much more you will need to set aside each month in order to actually reach your retirement goal. If you don’t get prepared, you could end up with a lot less saved up than you expected. Your goal of retiring at 60 could easily get pushed back to 65, and then 70.

Delaying Could Cost You Thousands:

If you start saving for your retirement at 30, you can save less money each year than if you start saving at 50, and still end up with the same amount in your retirement fund. Every year that you put off planning for your pension means that you will have more catching up to do later on, which is when you will likely have more outgoings, thanks to a growing family or a bigger mortgage. In the future, you won’t thank your present self for a lack of planning for your retirement. One of the best things you can do as you prepare is to find ways to make your savings gain more for you. This could include investing in stocks, finding the best fixed rate isa, or creating CD accounts.

Retiring Isn’t Always A Choice:

You might think of retirement as a milestone for later in life, but sometimes the choice of when you retire is not up to you. You might have to retire earlier than you wanted to due to poor health, a change in family circumstances, or a redundancy. There are lots of reasons that you might find yourself having to stop working earlier than you had planned to. If you don’t plan for changes of circumstances like this, there can be a lot of problems. Trying to support your family or pay your mortgage on a smaller pension than you had planned for would be a big issue. Unfortunately, we can’t predict the future. However, you can plan accordingly with services provided by DVI investment management winter park (or something similar in your local area). The team of experts will be able to build an investment portfolio so that your savings can expand and provide a cushion should you need it.

Planning early is important when it comes to your retirement, so get started ASAP!

Featured Image By: Unsplash

Sep18

Know Someone Who Is Retiring? These Gifts Are The Perfect Send Off

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Know Someone Who Is Retiring? These Gifts Are The Perfect Send Off

Retirement is something that many of us look forward to as we get older. The chance to throw in the towel when it comes to getting up early every day, doing the long commute, or simply just not doing a job that you weren’t passionate about. For others, retirement is a new chapter in their lives. But, sometimes, it can be a difficult change to go through. Leaving a workplace, especially if you have been there for a long time, can be quite a hard phase of your life to experience. So, if you find yourself saying goodbye to a work colleague of yours due to retirement, you and your coworkers might be considering a gift. To get you started during your brainstorming session, here are some ideas that could be the perfect way to say good bye:

A “This Was Your Working Life” style scrapbook:

If you are quite the crafty sort, then something like scrapbook could be right up your alley. You and the retiree’s colleagues could each take a page to share your thoughts and well wishes for the next chapter in their lives. You could also include mementos like business cards, letter headed paper, logos, and even pictures from over the years of working there. The beauty of this sort of gift is that it is very personal and sentimental, and will be lovely for your coworker to look back on in the years to come.

Something personalized and fun:

Maybe the person retiring had a great sense of humor or loved novelty style gifts. This is when you can get to researching online to find more unique gifts like retirement koozies or personalized pint pots or glasses. A personalized gift shows great thought and consideration to the person and will be the perfect keepsake.

The classic flowers or a bottle of something they love:

Sometimes sticking with the classic gifts will suit your work colleague better, which is why the big bunch of flowers and/or a bottle of their favorite drink could be the best sort of gift to buy them. Accompany this gift with a card that all of you have taken the time to write in. The understated gifts can often times work the best.

Make up a retirement survival kit:

Whether you want to create something yourself or seek out a company that will provide it for you, a retirement survival kit can be quite a funny as well as a thoughtful gift for your colleague. Things included can be a balloon so that you start off retirement with a bang, a toothpick to pick out the very best of their day, and money towards the retirement fund. The options are endless, and websites like Pinterest are full of anecdotes that you can include.

A “Happy Retirement” Plaque:

Being appreciated is one of the best feelings in the world, so why not give your recently retired colleague a retirement award? You and their other coworkers can order a fancy-looking plaque and have it customized with well-wishes from everyone. The present is bound to get a laugh from your coworker. You never know; they may even display it on their living room shelf.

A digital gift or a framed photograph:

Finally, you could make up a video send off where everyone records a message or have a picture printed and framed for your coworker. Digital gifts are great because they are always just a click away on the computer, and the time taken to get the picture or create the video won’t go unnoticed.

Although it will be sad to have a favorite coworker retiring, it is certainly something to be celebrated. Make happy memories to send him or her off with and use the ideas above to create the perfect gift!

Featured Image By: Flickr