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Retirement Planning for a Secure Future



Retirement Planning for a Secure Future

Retirement Planning is a time that most of us consider synonymous with relaxation and that is how it must be. However, to make your retirement enjoyable, you must start saving.


Retirement Planning

When talking about retirement planning, there are a lot of things to consider. It is not merely just deciding which house to live in and what destinations to visit. Retirement planning is a financial concept that looks into how finances will be handled. Setting financial goals, identifying sources of income and estimating expenses are all parts of the process.

Retirement is an inevitable stage in life that you will face sooner or later. When it happens, you would be left hanging without a job and that means, no stable source of income. If there is no money coming in, it would make routine tasks difficult for you. Make an intelligent decision and start investing in a retirement plan early on.


Stages of Retirement

At different ages, people have different approaches toward retirement and how to plan for it. The stages are dependent on the age groups and that is how they are divided.



The youth is an age bracket of roughly 20 to 35 years old. People belonging to this age group are just embarking upon adulthood and learning to stand on their own feet, financially speaking. They might not have a lot of money in their bank accounts as they have just started to properly earn. This means they cannot invest a lot of money in a retirement fund, however, they can start investing. By investing early, it gives a lot of time for the investments to mature.

Starting early gives you more time to plan. You can stretch out your goals and make them more convenient for yourself. By doing so, you can let your investments grow and mature beyond the expected limit.


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Early Midlife

The early midlife stage comprises of people being of 35 to 50 years of age. This bracket is more complex because even though you have started to earn a stable income, there are other problems. By this time, you are burdened with loans and mortgage, taking a toll on your financial situation. Putting a retirement plan in place can be difficult but you need guidance from financial advisors.

At this stage, focus on saving as much as you can by putting aside a retirement fund. You may need to aggressively start planning ahead and building a plan that will ensure maximum stability.


Later Midlife

The last stage also called the later midlife, is the bracket of 50 to 65 years of age. You may think that it’s too late to set up a savings plan for retirement now but that is not the case. Even at this stage, you can start saving for retirement.

Knowing your target retirement date or age will help you determine the financial goals, and it helps you find out how much you need to save. It will give you a clear deadline. You also need to know your exact monthly living expenses. If you don’t know how much you’re spending and what you are spending on right now, how can you estimate your expenses after retirement? Keeping track of your expenditure is important.


An emergency cash fund is another important deposit that can literally save your life. You never know what kind of situation you can encounter and how dangerous it can be for your health. You may also have to abruptly pay for any damages that happen to your property or any other liabilities that happen in your name. For instance, if your child or spouse happens to be in an accident, you must be able to cover all the costs for medical charges as well as the damages to the car.

If you are confused about retirement planning and need help, it is better to consult a reliable and trusted financial advisor. Their experience would help you get a great deal of insight into the financial matters and you would be able to make a well-rounded retirement plan.



Read more Business related stories in The Weekly Trends magazine.

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