Retirement may seem a long time away for many, but it does come around more quickly than you might think. And if you truly want to have a happy retirement, there is a checklist of items that you should start considering as early as possible (and they’re not only financial):
- Preparation: It goes without saying that you need to save for retirement, but are you aware of how to do it smartly? Will you invest your assets? Hire an investment strategist? Hedge your bets across a diverse portfolio? These are all important questions to consider when planning for retirement. Be sure to speak to a professional (and get a second opinion) to have a short, medium, and long-term strategy for your retirement.
- Headspace: There’s a lot to be said for mental work. A strategic mindset is important, whether you’re preparing for the reality of slowing down or to save large chunks of money that you could use on a home improvement project. For instance, knowing that you want to be comfortable in retirement means you may have to pinch pennies. It also means that you must do the mental work of preparing yourself for the volatility of the stock market, should you choose to make the most of your savings. The stock market, especially when it comes to long-term investments, can be an emotional rollercoaster. That’s why it’s important to consider the amount of risk you are prepared to take when you watch the market go up and down with your savings. It isn’t for the faint of heart, which is why you need to have the right mindset and knowledge that investing is a long game.
- Having a life plan: What are you going to do with your extra time? Some people like to take up a new hobby, others like to travel, and some retirees even take up part-time work to keep them involved and stimulated. Whatever you do, ensure that retirement is a time for joy, relaxation, and spending time doing things and with people that matter to you. It will make some of the financial sacrifices more rewarding.
