Self-Help Guidebook for Retirement Planning For Couples and Seniors: Ultimate Retirement Planning Book for Life after Paid Employment

By Phoebe Belinda Reynolds

This book has all of the knowledge you need to begin preparing for your life in all aspects.

Enjoy life to the fullest, financially, physically, and psychologically, and eliminate the worry that you may run out of money in your old age.

Do you want to be financially secure and in good health once you retire?

When you consider that the average human lifetime is 75 years and the average retirement age is substantially lower, you will see that there is a considerable gap of time known as the golden years to think about and make decisions.

Are you prepared to enter your golden years?

Now is the time to establish preparations for your future years, and there will be many considerations to make, such as insurance, living arrangements, financial planning, healthcare issues, and much more.

This book will teach you all of the most important topics to think about as you approach your golden years.
Examples include:
i. Financial Management
ii. Estate Planning
iii. Post-Retirement Living
iv. Healthcare versus Insurance
..... and many others

Retirement planning may be both exhilarating and frightening. And, as you prepare to live on a fixed income, it is vital to develop a thorough retirement plan.

This book will walk you through the crucial items to consider as you approach retirement.

You'll learn how to make a budget, assess your assets, and utilize your resources in order to attain financial security in the coming years.

If you wish to live a joyful and stress-free retirement life, this book is a must-read.

• Language: English
• Publisher: Phoebe B. Reynolds
• Release date: Feb 20, 2022
• ISBN: 9786061818983

Book preview

DISCLAIMER:

No part of this book should be considered legal or professional advice. Take everything I say in this book as my opinion and regard it as entertainment. You are responsible for your action by acting on the thoughts and views shared in this book.

INTRODUCTION

In retirement planning, retirement income objectives are established along with the activities and decisions required to reach them. Retirement planning involves assessing sources of income, estimating spending, putting a savings strategy in place, and managing assets and risk. Future cash flows are anticipated to determine whether or not the retirement income goal will be met. Some retirement plans differ based on where you live, such as the United States or Canada, each of which has its own system of workplace-sponsored plans.

Retirement planning should ideally be a lifetime endeavor. While you can begin at any time, it is most effective if you incorporate it into your financial planning right away. This is the best strategy to ensure a secure, safe, and enjoyable retirement. The enjoyable part is why it's important to pay attention to the serious, and sometimes dull, portion: figuring out how you're going to get there.

Understanding Retirement Planning;

Retirement planning, in its most basic form, is the preparation for a living when paid labor stops, not just financially, but in all aspects of life. There are non-financial decisions as well, such as where to live, when to stop working entirely, and how to spend time in retirement. All of these aspects should be included in a comprehensive retirement plan.

The importance that people place on retirement preparation shifts as they progress through life. Early in a person's working life, retirement planning include putting money aside for retirement. It may also entail defining precise income or asset objectives and taking efforts to accomplish them in the midst of your career.

Upon reaching retirement age, you transition from the accumulation period to the distribution phase. You're no longer contributing; instead, your decades of savings are paying off.

Retirement Planning Objectives;

Keep in mind that retirement planning should begin long before you retire—the sooner, the better. Your magic number, or the amount you need to retire comfortably, is extremely customized, but there are a number of general guidelines that might help you figure out how much to save.

People used to believe that in order to retire comfortably, you needed roughly $1 million. The 80 percent guideline is used by other professionals (i.e., you need enough to live on 80 percent of your income at retirement). If you earned $100,000 per year, you'd need funds that could provide $80,000 per year for the next 20 years, or $1.6 million overall, including the income generated by your retirement assets. Others argue that most retirees aren't saving nearly enough to fulfill such targets and should change their lifestyle to survive on what they have.

Retirement Plans Sponsored by Employers;

Employer-sponsored 401(k) or 403(b) plans should be utilized by young individuals. An immediate advantage of these qualified retirement plans is that your employer may match