If Saved enough, why should you Plan for Retirement?

[raaman]

If saved enough, why should you plan for retirement?

No matter how old you are now, no matter what your financial status is, you never know what tomorrow will bring. When you are not sure about tomorrow, how can you be sure that the money you have saved for retirement will be enough for you till your last day?

The average life expectancy and medical expenses are increasing day by day, and you are not sure whether the retirement period will be ten years or thirty years. For any financial planning to work properly, you need to have a clear definition of how long you will have to save.

You also need to know when you will benefit from it, but as far as retirement is concerned, these things cannot be told in advance. Therefore, it is best to invest more money in retirement. When financial goals are hard to achieve, the question may arise as to how to save.

With a long-term investment, you can save this money you need for your retirement by saving into a savings plan that can maximize inflation and maximize your wealth. The large amount of money you save for retirement will protect you in challenging situations such as unforeseen medical expenses or any untoward incidents.

 

[Ganibade]

It is good to be saving when you are not retire from work. No matter what you save, when you are not retired can not up to what you will need, when you have retired. That is why the government compulsory all workers,be it federal worker or private workers, to have a pension scheme, so that after retirement, they be able to cash out some money to start their own business. It is good to be saving while you are still under government or private company, at the same time it is good to be under one pension scheme for your future plans.

 

[moonchild]

That's why I don't really advise people to get a job because your chances of achieving financial independence is very very low or even worse non existent because at the end when you are old and want to retire you have to start thinking of ways to make money again which is very dumb if you ask me.

Most parents, teachers, financial advisers and mentors always advise us to get a job and from there we should start saving and living frugally and investing in stocks OR EFTs so that we'll retire rich which rarely happens and unfortunately this is a road to an average life and sadly it is the life trajectory of many people.

Some people never get rich in their life because they are always been told to get a job and retire rich when they're old which rarely happens.

The best way to hack your financial life is to solve a problem that will make you rich, look around you and see if there's any value you can provide and get rich off, stabilize your business and make it your money printing machine, think of money as value vouchers.

You wouldn't have to worry about money for retirement ever in life.

 

[Alexandoy]

I fully understand the topic in this thread because I was much concerned with my retirement now. When my wife was alive I didn't give it much thought because my wife still has a job. Now that I am alone I have enough funds to live for 30 years and maybe more. My only concern now is the inflation that will diminish the value of my "retirement" fund that is presently lying my bank account.

Sometimes I am thinking if I can really live fore 30 years more. What if I enjoy the money for some luxuries? But what if I live for more than 30 years then I would surely need the money that I have now. Anyway, planning for retirement is over for me but I still have to be thinking of other eventualities like getting sick or maybe needing money for someone like if I get married again.

 

[Kendy]

The act of saving money is a plan itself. Saving money does not imply that you cannot have a retirement plan. The essence of the saving is to help you in achieving or executing your plan. You cannot achieve your plans by mere words of the mouth or by continuously keeping your money in the bank, you will need to invest because money is hard to get but easier to spend. You will need to invest the money you have saved. If you think that you have saved a lot and have no need for planning, then you might be running on a rocky road. The money will always get reduced and deducted each time you use it to solve your needs and it is wrong to keep spending when there is no plan or source of income to replace what have been spent. The questions you should ask yourself goes thus, if I were to depend solely on my savings, how many years will you live on Earth after retirement? Will the savings sustain my welfare such as; health, food, shelter, vacation, considering the increasing prices of goods and services? Will the savings be able to salvage for unforseen circumstances like; flooding or hurricane disaster?