According to a recent survey by GoBankingRates.com, it is safe to say that lot of adults are not preparing for life after retirement. The survey result states that 56% of Americans have less than $10,000 saved for retirement. About 75 percent of Americans over 40 are yet to save for retirement. Elyssa Kirkham, the lead reporter on the survey for GoBankingRates, concluded from the assessment that the closer savers get to retirement, the further behind important savings benchmarks they fall.
The survey above covered only the financial aspect of life after retirement. However, preparing for life after retirement should cut across all aspect of life. Preparing emotionally and health wise is equally as important as financial preparations. Even if you are far from retirement age, you need to start preparing for retirement early. Here are some ways by which you can prepare for life after retirement:
- Start saving money early: This is one important way by which you can prepare for life after retirement. Start saving right from the first month of employment. Don’t say you want to wait till you are in your 40’s or 50’s. This is because you are not too young to save for retirement at 20. There are several retirement saving schemes that you can help you stay committed. You can check Individual retirement savings (IRS) website for various plans.
- Pay up all debts: We are sure that you don’t want your student loan, mortgage or other debts to spoil your fun after retirement. Now is the best time to start clearing your debts. Don’t say you want to wait till you have more than enough. Money is never enough; you would always want more. So, to avoid diverting your savings for retirement into debt repayment, commit to paying up all debts that are in your name today. Once you are debt-free, you would have fewer worries about life after retirement.
- Invest in businesses: Saving towards retirement years is a very good idea. However, a better idea is for you to invest in viable businesses. You can partner with trusted friends to start a business. If you don’t see yourself as an entrepreneur, you can invest in existing business and be a shareholder. When you do any of these, you would be sure that you have a steady source of income as long as the venture is thriving. The income you get as a shareholder can sustain your finances after retirement.
- Exercise regularly: One of the benefits of working out is that it makes you physically fit. So, register in a gym and be committed to the workout sessions. You can also try walking, biking, jogging or hiking. Keeping your body in top shape will make you look beautiful and elegant after retirement.
- Stay close to your family and friends: A lot of people dedicate so much time to work. They neglect their family and friends so as to be successful in their career. If you have been doing such thing, you need to stop it. Your family and friends are those that will stay close to you after retirement. Keep them close and treat them well now that you are working. These people will be a significant part of your life after retirement.
Retirement is closer than you think. Individuals who do not prepare for life after retirement would feel miserable once they retire. You should not wait till you are close to retirement age before you work with the steps above. Start now, and let your retirement years be the best years of your life.
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