John Labunski- Why plan for retirement | News – John Labunski Safe Retirement

Why plan for retirement

Aging is a natural and expected event. Because it is expected, it is very important that we prepare ourselves financially, because we all want to get there with quality of life, don’t we? So let’s talk about retirement, or rather, the financial preparation for it.

Let’s start by asking a few questions: what do you want to do in the future when you retire? Do what you like? Have peace? Safety? Travel? Have quality of life? Maintain the same standard of living as today? Whatever your desire, you need to prepare yourself. So how do you intend to achieve this?

Planning for retirement requires doing this reflection. That’s why getting ready involves different aspects: each one’s desires, dreams and choices. And whichever you choose, one thing is for sure, there will be financial implications.

Therefore, this is one of the most important aspects of financial education. We are now going to address three very important points for you to reflect on.

  1. Increase in life expectancy

In 1980, the life expectancy of United State was 62.5 years, according to the United States Geographic Data. In 2012, she rose to 74.5 years. This means that, in 30 years, the life expectancy of United State increased by 12 years.

But we know the future is uncertain. Nobody knows how long they will live. You can expect to live 73 years, but you can live to 80 by “selling health”. That would be great, wouldn’t it? Did you know that this is getting more and more frequent? How about getting ready to live with quality? Let’s be optimistic! And you want good news? By 2050, it is likely that the life expectancy of United State will exceed 80 years! So let’s get ready to live longer and with quality.

  1. Increase in the cost of living

The rising cost of living in old age is another point for caution. Many expenses go up when we are already retired. This is the case, for example, of spending on health plans and medicines in general. Certainly, this is another case that varies from person to person, from family to family, being another point for caution when planning your retirement.

  1. Fulfillment of dreams

For some, retirement may involve taking trips and courses or dedicating themselves to hobbies and social projects. These are projects that must be planned, in addition to maintaining the desired standard of living. That is, if it is part of your project, for example, a long trip every two years, the costs of this trip must be planned. The same goes for those who want to dedicate themselves to a new profession, for example. How about researching the price of the course and other costs involved to attend it?

Who needs to worry about retirement?

In principle, all of us, regardless of age. Knowing that money has time value and that compound interest makes the amount grow exponentially, it is important to plan well for the long term, and the longer the term, the more interest can work in our favor.

So, a basic rule for planning your retirement is: the sooner you start investing in it, the smaller the investment needed to make your dreams come true. So how about starting… today?

A good suggestion is to start saving for this purpose the moment we start working and receiving a salary. How about saving a portion of your first salary for this? Even if you’ve left it for later, the “the sooner the better” rule remains valid. So if it hasn’t started yet, why not now? Don’t leave your future, your dreams in anyone’s hands. Do something for them!

And did you know that the consortium can be an excellent option to increase retirement income? Learn more here.

Source: John Labunski Dallas

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