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How To Prepare For Financial Freedom & Your Retirement

Everyone looks forward to the day that they retire. Whether you have plans for early retirement or you plan to work until you are 67, you still need to prepare for what lies ahead after you have stopped working and find yourself with more freedom

Don’t Rely on State Pensions

State pensions can vary depending on what country you come from but one rule to live by is to not rely on it as your only source of retirement income. This is because irrespective of what you earn in your 30s and what you might plan to earn you retire, you can expect less from your state pension. State pensions are great at supplementing your other finances but they should not be solely relied on.

Spend Now – Pay the Price Later

You might be the type of person who likes to spend money on things now than think about your retirement. However, saving now can enhance the value of your savings, regardless of how painful it might be to see each penny you save disappear into your savings account. The more you save now, the greater flexibility you will receive later in life. This is not a case of not being able to enjoy life right now but it is more about thinking of your basic needs later in life while giving yourself a little extra to enjoy life. If you go without those needless treats now, you can treat yourself in retirement. This could be something as simple as considering how much you spend on your car payments, your mortgage or even eating out.

Take Control as Much as Possible

When the time comes to retire, your state pension, whatever it might be is beyond your control. There will be many changes that come and go between now and the day that you retire, while inflation will cause prices to rise and there could be other programs or initiatives that change. All of this is out of your control and that is why you need to take control of the things that are within your control like savings. If you take control of your savings now and put a small amount away each month, you won’t notice it but it will still be waiting for you when you retire. You can also take advantage of your workplace pension plans and retirement plans. These can also help you to make the most of your retirement.

 

 

Lewis Samuel / CI-ASSOCIATES

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