Retirement is an entirely new phase in everyone lives and therefore needs a good amount of planning, if this well-earned time is to remain some of the best years of our lives!
Though many of us will plan for the now, when it comes to the subject of retirement it is a slightly worrying concept that most of us fail to begin thinking about it until it’s almost upon us.
Though we don’t need to stop living in the now to plan for our retirement age, we should make it a practice to bear in mind how we can make this process easier for ourselves when we do eventually arrive there.
How to Make Your Retirement Plans Resilient
There are many ways which we can act right now and develop a form of financial resiliency when looking to our retirement plans:
Look at maintaining a low debt to income ratio
This is perhaps quite simply the best place to begin. How much do your monthly expenses outrival your monthly income? Can you identify and pinpoint the reasons, making a concentrated effort to turn this around?
Implement an Emergency Fund
Are you able to put aside a couple of month’s worth of expenses at least, which can make all the difference in retirement when saving is not always possible at this stage in life? By putting by as many months as you can, you reduce the pressure should you need to reach for the cash unexpectedly during retirement.
Consider Updating or Adding to Your Qualifications
In the worst-case scenario where you find yourself having to return to some form of work during your retirement period, what else could you offer in the way of qualifications? With many of us never getting around to updating our training or qualifications, it is always good to revitalize your CV throughout your working life.