When I’m older I want to…
Planning for the time when we’re no longer working is an important part of healthy personal finances. One of the difficult aspects is that it requires planning years in advance – which goes against the common tendency to enjoy gratification now. But discounting the importance of decisions about life in years to come can lead to decisions our “future selves” will regret.
The ING International Survey on Pensions in 2012 found the financial comfort of retirees varied greatly in the 12 countries surveyed, and women and young people appeared to be particularly vulnerable in terms of preparation.
Hello age of “the unretired”
Our simple flow chart 'Welcome to the age of “the unretired”' is a less serious way of highlighting the importance of making decisions about retirement.
Those who do want to retire one day, are not saving enough and are not doing anything about the shortfall may well end up working longer than they want to.
Plan early and set aside time to review
A simple tip for helping make retirement more real is to imagine yourself in the future, perhaps even using a photo aging app to “see” life as an older person.
The slideshow How do I plan for retirement urges savers to start planning early and to remember to factor inflation into their retirement calculations.
The eZonomics article 10 tips for planning an early retirement has ideas on how to kick-start saving for the future. Among them are to put your plan in writing, not cave in to peer pressure and take bold financial steps such as having a smaller house.
Finally, our Five intelligent tips to help retire in comfort offers ways to help that are all backed by research. The first is simply setting time aside to regularly work on financial planning.