Skip to content Retirement plan, according to Britannica dictionary, is a system for saving money for use during your retirement. Planning for retirement enables you to save enough money to maintain or change your present standard of living. Nobody wants to work all the way to the end after all, right? That is why it’s crucial to create a workable plan that will help you acquire the most money possible when you retire.
The question is, “Are you ready with your retirement plan?” Well, not saving for your retirement fund is one of the most dangerous things that can happen to your life. When the time comes and you’re not financially ready, that’s when you’ll look back and regret will hit you hard. You probably have heard stories of people who retired and ended up broke and poor, and we hope that it intensifies the urge within you to start thinking about responsible retirement planning. Below, we have compiled 5 pondering questions you should ask yourself regarding your retirement plan.
1. Resources
When we talk about resources, it links to the question, “Are you able to retire already with the money that you currently have?”. Note that retirement is not an age or number issue but rather a capability issue. Will you able to live after you resigned from your job and stopped working? In other words, whether you’re in 60s or 70s, if you are not capable to retire, you cannot retire. Why? Because the moment you stop working, you stop earning, and unfortunately, you don’t stop spending-especially your family or dependents.
Read: How to Apply for SSS Retirement Benefits
2. Lifestyle
What type of lifestyle do you prefer when you retire? Start visualizing where you will live. Do you want to reside in the city or province? If you opt for the city, then it will surely take a huge percent of your money, but you can always choose a province lifestyle which is way cheaper than the latter.