Retirement Planning

As we get older, we all want to make sure that our later years will be worry free.  Financial security is important in attaining this goal.  This may not be totally possible of course.  But spending time planning where you want to go and how to get there is a required exercise for us all.  I am retired now and I thought I would pass on some strategies that I have found to be successful.  Hopefully, you can implement some of these suggestions.

First of all, you may need to consider how you will occupy your time when you do retire.  For some, this is spending more time with your spouse.  For others, it may mean continuing or beginning a new career.  Maybe you were doing something “on the side” for fun that you can turn into your new passion once retirement comes along.  For me, it was easy.  For the last 35+ years, I had a part-time job that I have successfully converted to a full-time venture. 

I used to drive my wife crazy on a part-time basis; now I do it full-time.  She’s thrilled.  What wife wouldn’t be.  You know, the 2 of us started out as soul-mates.  Now it is more like we are cell-mates!

Another thing to consider is how are you going to manage your expenses given that your income is reduced in retirement.  It takes planning to see where you cut back.  Food is one of those areas.  Obviously, you’ll be spending fewer nights out for dinner.  But you can also make changes at home.  We’ve found one significant way you can save money on food.  Here it is:

Attempt to acquire a taste for cat food.  Mixed grill on a Ritz cracker with a glass of chardonnay.  Not bad.  (Stay away from dog food; dogs palates are not developed enough).

Finally, the last thing anybody wants to happen when you retire is to outlive your nest egg.  You want to make sure that your funds will be available for you to use for as long as you are alive.  I have a strategy which addresses this problem.  It involves having knowledge as to your cash flows, both in and out, so you can project, in rough terms, when you make have exhausted your funds.  When you project that you may have just a few years left before the funds are gone, implement the final strategy as follows:

Take up smoking.  2 packs a day unfiltered cigarettes should do it just fine.

Implementing these strategy tips will go along way to a successful retirement.


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