Plan to retire on your own terms

You do not need to worry about retirement if you plan for the type of lifestyle you want and deserve.

14:36 29 March 2014

Many people are eager to retire, but others are concerned about what they will do when they retire. They may not think there will be enough money for anything, or they may think they will become bored after a short duration of unemployment. In reality, as long as people plan ahead they may be able to live a full life after employment.

Here are some of the benefits of retirement.

• You have a fixed income, which makes budgeting much easier.
• Retirees are able to enjoy tax exemptions on certain things.
• Retirees are entitled to certain benefits in addition to their pension payments.
• More freedom to travel and accomplish goals.
• Retirees do not need to worry about scheduling or asking for time off for every important matter.
• Ability to volunteer to enrich the community.
• Freedom to pursue hobbies or hone other skills.
• Enough time to dedicate to a startup business.

There are many positives about retirement. The true key to being able to enjoy retirement on your own terms is adequate planning and saving in the years before retirement. Remember to contribute to a pension plan, research annuities and drawdown, and consider supplemental retirement funds in addition to a normal pension plan.

If you are not sure about the steps you should take to be able to have the type of retirement you desire, it is a good idea to contact a financial professional. A financial professional is able to offer helpful advice that can ensure you have the tools and knowledge to attain your retirement goal. Advisors are able to estimate factors such as inflation. You will know how much you should be setting aside each month in order to maintain or even improve your financial status and lifestyle. When you know how you want to spend your retirement you can plan accordingly.