Retiring!? Is this concept supposed to be scary of comforting? What does it even mean? When you talk to me about retirement, the first thing that comes in my mind is free time to enjoy the rest of my life.
But then, do I have money on my side? Because If I don’t, and I am luckily not a homeless, all I can enjoy is a loneliness in my apartment or home.
The fact is that I will not be able to do the things that I would have wished to do such as traveling, site-seeing, helping others, catching up with old friends who are settled all over the globe and so on.
That is to say that all of those activities require money. Did you have a different idea about retirement? Please share!
Think Outside The Box To Retire Comfortably
The idea that I will have to stay at home, watching TV, adding up weight, and ultimately inviting complications in my body is awful for me.
I don’t know about you, loneliness is all one can afford without money and not working, in a situation such as this. I don’t like the idea of returning to work either so that I can meet people. Then, what’s up with my retirement financial planning checklist?
If you are like me and are blessed with thinking about this idea in your thirties or less, you are lucky. Most people do not like to entertain this most important decision-making stage until it is too late.
They simply assume the obvious culture of just going to work and participate in whatever retirement plan their employer happens to offer. Only to find out that it was not good enough.
How many friends or family friends homes do you know that have elderly members who are still working, even after they ‘ve retired? You can answer this in a comment box on the bottom.
Also, why would I have to wait until the sixties to retire? I mean, my considered life expectancy that is worth living is 80. That gives me 20 more years to enjoy. Too few. After 80, I do not feel like I will be living but waiting to expire.
OK, maybe to say that is too harsh on me. How about 85, hum?
All I am trying to say is that I want more years to enjoy life. This is the only life I have to live. So, it’d better be best. Guys, remember that just because many follow a particular financial tradition does not make it the only right one; or right, at all.
What am I talking about? Retirement financial planning does not have to be that checklist that is popularly spoken. Possibly, the only one you came across.
If the idea of retirement above sounds as awful as it did for me, it was that way many time over even in the past. And many people did not like it as well. They did not sit down and watch it become their reality. They did try to find an alternative solution.
But first, let’s see that typical retirement financial planning checklist.
Typical Retirement Financial Planning Checklist
Know all your assets: most people do not have assets, at least not the valuable ones.
Plan for supplemental funds: Do you have additional funds?
Pay off all debts: This could be a good idea, however, not always; especially if you plan to invest. The type of debts there are is what makes a difference.
Write down all your retirement needs: Find out if you are not already late to check your needs out.
Plan your healthcare coverage: Yes, this will probably be the most expensive in that time frame.
Plan your estate: Also, on this one, if you are in the fifties, you are probably late
Find out about retirement investment: why not put this one on the top of the list?
Collect all your funds from different saving plans: 401K, IRA, Why have these stuck there in the first place?
Time to stop working. A huh! Time to enjoy or be miserable. You decide.
As you will notice, I just dropped down this like; negligently because I don’t like it. I also annexed some comments to each one of them. Do I have a better one or additional ones? Probably. Remember the subtitle above that tells about thinking outside the box?
Or, the other article of this website that discusses the way to become rich at a young age? If you have a high paying job, you are most likely going to find out about this in your late 50s. You are busy thinking that you are making money.
If you are still an undergraduate, you are most likely going to hear about this in school; and assume it is any other subject of study. If you are a business person however, you are most likely able to retire now, and or very soon later.
If you are a low income and middle-aged fellow, you are either worried about it; and planning to do something about it by thinking outside of the box.
Or you are worried about it and allowing your fear to redirect you to follow the many people who do not know what to do except hang on to their current job.
Early Comfortable Retirement Financial Action Plan
I will start with the story I had with my coworker to illustrate where I am going with this. I overheard my coworker commenting on the decision of going to the gym of another coworker. He is adding up weight.
The coworker planning to go to the gym was complaining of it being hard to do. And I jumped in the conversation with a smash. I said, ” all he needs to do is stop eating.” My coworker next to me laughed out loud and restated what I just said to everyone while laughing. It became a joke.
To anticipate that the subjected coworker trying to go to the gym would feel attacked, I tried to clarify what I meant. “I don’t mean like he should fast, but just control what you put into your system,” I added later.
While clarifying, I also used one of the posters I saw on a dink fridge that states, “Balance what you eat, drink, and do”, in color.
In a while, it becomes a conversation between the coworker on my side and I. I continued to say to him that, if he does not do that, he is making it hard on himself; as if he is the one going to go to the gym. “Do what?” He asked.
And I said, “If you are to lose weight, by simply going to the gym; and eat; and go the gym, and eat again; you are only making money for the gym owner.” Then, I kind of monopolized my conversation with him as a lecturer.
I went on to say, ” If one is motivated enough to go to the gym, they could as well save that money and do it themselves. It’s free at home, in the park, and there is even equipment in many parks.” I then asked a persuasive question for him to respond to.
” Do you think it is easy to make money you pay them, compared to doing it yourself?” I asked. “This is easy,” He answered. I am not going to say what the work we were doing together, right here. But you still will see what I was driving at, anyway for any job.
so, I ask him about this job he was affirming that it was easy. “What part of this job that makes it hard?” I asked him. Let me ask anyone of you. What part of your job that makes it hard?
It does not matter what kind of job you do, simply try to go through every task you do on your job, in your entire shift and answer the question.
Below, I am going to give you my answer, and you will compare it to yours. The answer I gave him that made him laugh a little more and impressed.
By now, you probably have come up with your answer. He went about to mention one of the tasks that he thought was hard. And I said, “the fact that you have to be here for 8 hours or more is the hardest part “. ” That is correct “, he said calling in my name.
” Can you imagine what you could do in 8 hours if you had money and no financial worry about your future,” I asked again, to consolidate on the time issue. ” I realized that if you are not working, you are spending. That is why I like to come here,” He emphasized.
“That is true, except on one part,” I said. ” You do not like to come here, you have to, “I assured him. He laughed again in his agreement. We continued the conversation casually afterward.
But I kept dragging him back to the subject of time and alternative of having to work. The alternative suggestion was my goal in my discussion with him; so it is with you here.
I had the same conversation with one of my best friends; we ended at the same conclusion that it’s not about liking what you do, but only a nice way to say it. You have to.
You will hear that a lot. I love my job. Would you do it even if there was no pay? Even if you would, even if there was no one to fall to, financially? If one wants to retire early comfortably, realizing that you have to go there because you need money is crucial.
Working for money is very hard. It does not matter what you do to make that money. Remember that most business owners do not literary work; employees do.
While you think you are making money for yourself, the truth is that you are making money for the employer. The alternative is having your money make money for you.
Try to keep what you already have and use the retirement financial planning checklist as early in your life as you can. I say, use the smart goal setting examples as a road map.
Think big, and start ways of investment as early as possible. By the time you hit your 50s, you should already be standing well against living a great life, should you stop working.
Retirement should mean NOT HAVING TO WORK AGAIN.
If this is the right definition, it tells you that all your expenses are taken care of by that time. However, this situation can only be actual if you started early in your life.
Trying to do things differently. In most other types of checklists, you will also find some retirement calculators. A calculator is used by someone who has big numbers that may be overwhelming to count on the fingers.
You want to calculate how much you will be left with on your popular 401K, or IRA? Why not use those as your project funding right now.
Mark my words, any offer your employer or bank encourages taking is more beneficial to them than it is to you! This is why the alternative is more beneficial to you, first!
Please comment on any idea or topic as this will help address the subject even clearer to everyone. Thank you!