Age wise, where are you right now? Are you in your 20s? 30s? 40s? 50s? or 60s? If you are in your 20s, maybe you hardly think of planning about your retirement. If you are in your 60s, maybe you are thinking of what you will do now that you are about to retire. And if you are in between them, maybe you are thinking whether you should start planning for your retirement already.
There are levels of preparedness when it comes to looking down the road at your retirement and how much you will need when you get there. Unfortunately, here in the Philippines, the basic level of retirement planning for most people is to have SSS or GSIS pension when they retire. Some have and some don’t have Philhealth coverage. Most do not have life insurance and let it go at that. For most people, this is how the system works and so there is reason to call this bad retirement planning. The sad truth is that most people would rather take days, weeks, and months planning for birthdays, anniversaries, weddings and other occasions that will happen for a day only instead of planning for their retirement which will probably be the longest occasion of their life. This is how many retirees end up broke and dependent upon their children. But when you come to think of it, if only you began preparing for retirement in your early adult life and stayed with it, you will have a resource to retire on and that is a good thing.
Yes, there is a way to take it to the next level and that is to actually start putting some flesh and bones on your vision of your retirement and get a feel not only for the fact that you will retire but how you expect to live in retirement. Very often, we have idealistic visions of retirement life based on media images or the fantasy life of living in luxury and having little to do but go on exotic vacations, travel the world, go watch movies and televisions, dine at fine restaurants, drink at bars all you want, all day and night. So, if you can get a realistic view of what you have as your expectations for retirement, you can start adjusting your retirement planning package right now.
Start with how you see your retirement lifestyle working. If you want little more than a manageable house, condo or retirement apartment, a cat or dog and the chance to read a book or watch TV without interruption, that is a modest retirement lifestyle to prepare for. But other people have adventure and high living in their retirement dreams. So, if world travel or living in a luxury setting is part of that dream, only one person is going to make that dream a reality and that is you.
An exercise that is fun and eye opening is to detail every aspect of your dream life in retirement. Start by picturing your living conditions. Include your diet needs and wants as well as any entertainment and recreational needs you expect to be a part of your retirement. Consider also the healthcare and medical needs you’d want to be taken care of in your old age. For example, if you know you will want to go on long exotic travel adventures several times a year, you will need adequate finances and health coverage to support you while taking off for the most scenic spots and enjoy your adventure. So, include the financial, physical, healthcare and medical needs for that lifestyle in this “detail” step of retirement planning.
You can complete the exercise by getting to such a level of detail that you could go out and price the dream in today’s money equivalent. Then when you take your “dream retirement shopping list” out into the open market and use retail locations, catalogs and internet sites to actually find out how much it would cost to have that retirement today, that will shed a lot of light on your retirement preparations that you are doing.
Now, the actual cost of those different components will be much higher when you get to the point of retirement. You could try to factor in inflation and make those kinds of adjustments but do not play with the formula so much that you get the idea that it is impossible and give up. However, another factor that offsets the inflation factor is that your retirement life will be less expensive than your current lifestyle. Your daily needs may not be as demanding. If you sell your house after paying off the mortgage, your monthly expenses will go way down, and you will have a significant surge of retirement capital that will come from the sale of the house. And you are not raising kids, putting them through college or having to support the lifestyle and wardrobe of a working person. All these things offset the inflation issue.
One way you can be sure of achieving what you dream of in your retirement days without worries is to start saving and investing while you are still young, able, strong and working. The best time you could have started this was on the very first day you started earning money. But if you have not done so, the next best thing you can do is start right now. Using the power of compound interest, where your income is reinvested together with your principal overtime and the earlier you start putting away or investing your money for later, the more quickly your wealth will grow.
When it comes to retirement savings, there are many types of products you can choose from. There is the pension retirement scheme, life endowment with profits and even money market products. Although these products are not exclusively aimed at retirement savings, they can give you good result if funds are invested for a long period of time. That is why these products are quite ideal for achieving your retirement savings goal. However, what I highly recommend that you get for your retirement is something that gives you not just savings and investment but also life insurance or income protection as well as a long-term healthcare. Yes, this is a three in one product ideal for your retirement years. You can get this product just by saving for seven years and when it matures in 20 years, you will be able to enjoy it’s benefits as your retirement fund, your healthcare fund and your income protection fund. Now that is what you call having total financial security in your golden years. This product is called the Ultimate Kaiser Health Builder. And to learn more about this, you can click on this link: https://bit.ly/ltckaiser
I know it is never easy to think about saying goodbye to your youth. However, facing the reality can go a long way to making your golden years much happier. With the Ultimate Kaiser Health Builder, you will be sure to have secure finances in place that getting old and being in your retirement years means finally having time to do all the things you never had time before – from travelling the globe, to learning to cook or dance, or simply spending quality time with your loved ones. Imagine the sheer joy and happiness of doing just what you love to do. Having your life insurance, healthcare and investments well taken cared of way before you finally retire will certainly make you feel secured, happy, healthy and wealthy without worries should anything happen unexpectedly. Should you live too long, you have your healthcare and investments to take care of you. Should you die too soon, you have your life insurance to take care of your family.
As an International Marketing Group or IMG member, I’d be happy to help you come up with a retirement plan through the Ultimate Kaiser Health Builder. I know you would be glad taking this as this is one product that will help you on your way to being happy, healthy and wealthy when you’ve finally stopped working. Keen to get started? Just contact me, comment below or click on this link now: https://bit.ly/ltckaiser.