Preparing for Retirement

[raaman]

Some people go into their retirement years with the same self -assurance they have shown throughout their lives. They know the thing in retirement, and they don’t need help from anyone. On the other hand, many people are retiring, and are not sure whether they are really ready for it.

If your older parent is of the second group, you may want to get involved in their retirement process as soon as possible. If they seem to be confused about what they are treading on, your help and advice may be needed at some point of time in the future.

But it is better to deal with whatever the issues are now, so you have time to prepare for any upcoming problems. Getting them to open about finances is very important. This can be a very difficult effort alone because most adults are uncomfortable discussing their finances with other people.

 

[Briangsam]

The difference between retiring and resigning is that when you retire, sometimes you can still receive (social) benefits like healthcare and a pension. Resigning means you voluntarily quit your job, which means you're not eligible for those benefits. So you have to weigh your options and decide why you have to quit and what you are quitting your job for. Does it worth it?

 

[Briangsam]

After decades of working and saving, you can finally see retirement on the horizon. But now isn't the time to coast. Start by envisioning the kind of retirement you want. Will you work part time, volunteer, travel?
Next, develop a realistic picture of the financial resources you may need and then determine if your current ones will be sufficient to support your plan. If you find there is a gap, think about how to accumulate the additional assets you need, or adjust your vision to match your resources. By analyzing your current expenses, you may identify discretionary items that can be eliminated or reduced.

 

[Samuel72]

once you know your time is due for retirement it is better for you to start making plans such as paying off your old debt, investing in a business that can give you good outcome in future. Most especially save enough money for yourself. you also need to plan on how your pension will be, because it is possible for you to get double pension after retirement.

 

[Alexandoy]

Retirement or pension is an appropriate topic to discuss when you reach 50. In our country the retirement age is 65 for government employees and the pension for private company workers is 60. It is not easy to retire and my advice is not much of the finances but more of the occupation. With no job and nothing to do, that would be the hardest part of your life. If you are not prepared then you might get bored and will not enjoy the remaining years of your life.

 

[btaliat]

Retirement as you said requires proper planning. And it is not a bad idea seeking advice from the experienced. And as children who are more enlightened than ur parents, we can still be of help to them. We can be telling them what they don't know. These people, I mean our parents at times, are fed with archaic reasoning some times.