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10 Retirement Planning Tips to Consider

Who better to ask how to plan for retirement than those who are living it now?

jamapunjipakistan
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10 Retirement Planning Tips to Consider

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  1. 10 Retirement Planning Tips to Consider Who better to ask how to plan for retirement than those who are living it now?

  2. 1. Monitor Your Investments in Pre-Retirement Money needed 5-10 years into retirement is most vulnerable, so avoid overspending. If that money is lost, it is harder to recover over time.

  3. 2. Plan For Inflation as a Fact of Life Inflation and rising prices can eat away at the buying power of retirement funds. When planning for retirement, just assume prices will go up – and be planning for it.

  4. 3. Talk With Your Spouse or Significant other About Retirement Spending Be open with your spouse or significant other about how much you think you should, and will, spend in retirement so that you’re both on the same page.

  5. 4. Focus on Physical Health Given the high costs of health care, focusing on physical fitness today is key to staying fiscally fit in retirement.

  6. 5. Create a Budget and Follow it The best way to plan a budget is to know how much you can spend. But alas, most people don’t bother to calculate how much they can safely spend in retirement.

  7. 6. Get a Good Investment Professional You go to the doctor to help you stay healthy, so having an investment professional you work with regularly is a smart way to plan for fiscal health in retirement.

  8. 7. Watch Travel Expenses in Retirement Travel is cheaper and easier when you’re mobile, so take big trips when you are younger. Don’t save all of your vacations for retirement as this will be more costly.

  9. 8. Pay off Your Mortgage Your home is more than just shelter, it also comprises a significant contribution to your fixed expenses. By paying off your mortgage you can finally tap into your home’s wealth by living there “rent-free” – eliminating a significant monthly expense.

  10. 9. Work Longer One of the best ways to ensure you have sufficient money well into retirement is to work a few additional years, beyond what you originally had planned.

  11. 10. Expect to Spend More No matter how much you plan, surprise expenses are inevitable. Budget for unexpected expenses, as well as costs like property taxes and household maintenance costs that may go up dramatically during retirement.

  12. Retirement PlanningMore Info Please Visithttps://jamapunji.pk/financial-planning/retirement-planning-0

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