Thursday, July 7, 2022

Simple Plans for the Perfect Retirement

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We all know the saying, if we’re failing to plan, then we’re planning to fail. So when it comes to your retirement, putting some kind of structure in place is essential to ensuring you enjoy every bit of your retirement.

Retirement plan.

A plan sounds quite daunting but it doesn’t have to be written in stone and more importantly, it doesn’t have to be complicated. Things change and so can your retirement plan. You can always adapt, but the main thing is to just have something written down in the first place. If you ever find yourself fumbling around a workplace retirement plan, unsure of how to invest your money, take a look at how to fix your 401k with Bloom. They’ll directly manage your account for you and you’ll receive a free account analysis.

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How’s your pension looking?

If you haven’t been receiving a pension recently, it’s a good idea to start thinking about one. This will give you an estimate of how much you could receive. Every year you should be sent a statement showing you how much you’ve built up and how much you could be looking at when you retire, so find the most recent one or simply request a new one if it has been misplaced.

Lost pensions.

Don’t forget to track any lost pensions. Even if you have been in a job for just a short amount of time, every little contribution will help.

Saving for a rainy day.

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Add up any savings and investments that you have to increase your retirement income – now may be a good time to take money out of risky equities and put it into safer cash investments. There’s nothing worse than seeing a stock market lurch just as you decide to dig into your pot. An RRSP account can help you save money for your retirement, however, there is nothing stopping you from making withdrawals at an earlier date to help you retire in the home of your dreams, for example.

Create a vision.

Do you ever think about how you want to be spending your later years? Maybe volunteering or on the golf course or a beach. If you’re a jet-setter, take a look at the 10 top places to retire as inspiration and then put a plan in place to guarantee that your dream becomes a reality.

Develop your retirement interests.

Most people have so many ideas for hobbies, but they just don’t have the time, as work and general life get in the way. But what better time to plan ahead for all the wonderful things you’ve wanted to do, like photography, language or art? You can find out more about some great things to do as a retiree here.

Although the thought of retiring can be quite worrying for some people, with vision, financial planning and a lot of excitement, you could be ready to enter the most wonderful years of your life.

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