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Retirement Planning Made Simple

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One interesting aspect of retirement that you’ll discover is that you’ll find your typical week hard to describe to your adult children. Although it might appear you’re being evasive when asked about how your week is going, that’s not the case.

On Monday, you might be packing for an exotic vacation you’re planning on taking next week. On Tuesday, you may simply stay home all day watching Netflix.  On Wednesday, you may be surfing the net to learn how to how to cook Indian Curry. And on Thursday, you might be playing against a grandmaster at a simultaneous exhibition with your friends at the chess club.  As for Friday, you’re not quite sure what you might do.

Here are four things you can do to make sure that you plan well for a great retirement:

  1. Life Insurance

You may want to consider buying life insurance to ensure that your family is taken care of when you are no longer here. The earlier you start, the larger the sum available for your children and grandchildren. For instance, over a twenty-year term, paying less than a $100 a month, your death benefit may be around a million dollars.

In many ways, your beneficiaries may feel as if they’ve received a lottery windfall. Interestingly enough, like a lottery, it’s not necessary that your beneficiaries receive a lump-sum payment. If you’re worried that they might not be able to handle a financial windfall, then you can arrange for the money to be paid in installments as an annuity.

Generally speaking, your beneficiaries could receive the money quickly. It usually takes between 30 to 60 days to process a claim, although if all your documents are in order, they may receive it sooner.

When buying life insurance, it’s important to research the best life insurance companies. PolicyZip is a good source for information on life insurance because have a lot of in-depth reviews.

  1. Spend Less

The first step to getting a grip on your spending habits is to create a budget. You may be spending more than you need on your daily and monthly expenses.

Maybe, you’re paying too much car insurance for an old car and could get a lower rate.

Maybe, you’ll save money by buying your own groceries rather than relying on a grocery delivery service.

Maybe, you could enjoy cheaper, healthier meals by preparing your own meals for lunch instead of going to the nearest deli.

  1. Save More

When you determine where your money is going then you can start to figure out how to reallocate your money for savings and investment.

The biggest challenge you might face when it comes to savings is that you never get around to it. Although you’re well aware that you should pay yourself first, you may find it hard to park some of your money after you receive your paycheck. You may always find other things that you would rather do with your money.

One way to overcome procrastination is to automate your savings so that the money comes straight out of your paycheck before you even see it.

Better still, you could also automate your investments with a brokerage so that the money that comes out of your savings is automatically invested in a low-risk fund.

  1. Streamline your Money Management

One of the most formidable obstacles to managing your money better is that you are using paper. By going paperless, digitizing all your financial information, you can access whatever documents you need quickly and easily.

When you have a large volume of files and folders stored in numerous file cabinets, it can be hard to locate your documents and difficult to keep track of your banking and brokerage accounts.

In conclusion, one way of following through on planning your retirement is to imagine your life when you’re not working. Thinking about all the things you can do when you’ve managed your finances for retirement will motivate you to do what you need to budget, save, and invest.

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