Saturday, 26 November 2016

Preparing For Your Retirement: Things You Can Do Right Now


If you're a hard working woman, you will know that it can be difficult to juggle all your responsibilities at once. The satisfaction you can get from being incredible at your career is unparalleled. But, it's still vital that we focus on other things - such as family, friends and 'me time' - even if we are a self-labeled 'career woman'. As after all, most of us work hard from the moment we leave college until our early sixties (at least). It's clear that when retirement comes, you deserve to enjoy it! Just how and when you retire is up to you completely. Some individuals are able to, and want to, retire early, such as in their fifties. Other people love their jobs and don't have families to worry about, so keep on working until they no longer can. But whichever scenario applies to you, you will need to start thinking about retirement sooner or later. Here's how you can plan ahead and have a ball when the time comes to say 'no' to work.

Tell your family

If you are one of the main breadwinners in your family, you will need to understand that going into retirement could affect their lives too. Sit down with your family and assure them that you have planned everything out so that you can retire and still be financially comfortable. For example, you may need to put your children through college, so you may have saved money for that. Or, if your aging parents are unwell, you may need to bring up the prospect of a 24 hr Live-In Care Agency. Essentially, you need to plan your finances in advance and let your family know that whatever happens, you are still there to support them.
Work out a day-to-day budget
A lot of us save portions of our pensions for something specific - a cruise, travelling or a new home. Whilst these are all important aspects of your pension (you deserve to have some fun, after all) you also need to consider your daily spending too. With a pension, you may not be able to spend as recklessly as you did on a regular income. Plus, if you are saving a portion of the money to do something amazing with, it seems silly to just fritter the rest away. Look at your current weekly spend - is there anything you could take out that would make living on a pension easier? For example, instead of getting your nails done every week, switch to every fortnight. Or, buy more store-branded food rather than premium branded. It may seem like tiny changes, but it's these tiny changes that will get you on that dream cruise!



Consider boosting your pension
If the day you are going to claim your pension is looming and you're not entirely satisfied with the amount in there, don't panic. There are things you can do in the run up to claiming your pension that can boost it, leaving you with more money when you do eventually claim it. You can increase your workplace or personal pension contributions, as well as deferring the claim date in order to boost the finances.
*This is a collaborative post, please read my full disclosure here.

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