By the time you start doing well professionally, your parents are probably gearing up for a huge change in their lives as well – their retirement. This is the time when you’ll be hearing about all their plans, giving them advice, and probably be a little jealous too of all the free time they’ll have on their hands. Arguably, they can spend their time doing whatever they like without having to answer to anyone else! Sounds totally blissful, right?
Well, although retirement may sound like a long extended picnic right now, it’s one that had a ton of planning to make it possible.
Here are a few lessons you should learn from your parents’ retirement:
1. It’s never too early to start planning
Your parents probably began investing in their retirement fund around the time they got married, which was a long, long time ago. The lesson you need to learn from that is that it is never too early to start planning your retirement. By saving and growing your funds through investments in reliable retirement plans, you can make sure that when the time arrives, you are not deep in debt, or worried about how you plan to live out the rest of your life.
2. The ideal retirement is stress free
Another crucial lesson to keep in mind is the fact that you’ve already spent most of your life stressed out. From mugging up sheaf after sheaf of notes to get into that great college, to clawing your way to the top of the organizational hierarchy just so you could provide a great lifestyle for your family, you are no stranger to hard work, pressure, and stress. So why include that in your retirement? It is essential to make sure that your retirement is stress free. One way to do so is to plan out your finances in a manner that lets you maintain your lifestyle and even account for inflation. When the time comes, you’ll be living the good life!
3. Having a vision is crucial
Being able to plan out your finances for your retirement requires you to have a set vision of what you want your retirement to be. Of course, no plan is ever set in stone and you may find yourself adding variations to it as you grow older, but a general idea of what you want can be very helpful in terms of planning out all your finances. For instance, if you envision living in a large family with your children and their families, but still being financially independent, you may need a certain amount of funds along with an additional amount for emergencies, just in case. If you picture your retirement living independently, then your cost of living is obviously going to be different from the former scenario. Finally, if you do want to travel the world during your retirement, you will need to plan and invest thoroughly so that you can make that dream come true. Whatever it is that you want, you can make it happen by accounting for it.
4. Family matters
It is also important to share your plans with your family. When you are planning out your retirement, speak to your parents and ask them what their challenges were, what their expectations were, and how they turned their expectations into reality. Since they have already been through this process, they will be able to guide you through it in the best possible manner. By understanding their thought process, you might gain a different perspective on planning your retirement and may be able to create more comprehensive plans on the whole!