The outbreak of Covid-19 has been a wake-up call for all of us in many ways. And, this includes the way we have built notions around our retirement. Reaching the age of 60 is no longer looked upon as the time to hang up your boots and cocoon oneself for the rest of the life. Not yet convinced? Here are 10 reasons why you need to plan your retirement seriously. […]
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Retirement is not the end. Rather it is the beginning of a new journey.
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NOTES: 10 Reasons Why You Need To Plan Your Retirement Seriously
1. Job Security
Unless one adapts and remains flexible in the changing work environment, the workplace could be a tough nut to crack going forward. And this is true especially for those who are in the middle-age or nearing retirement.
Keep yourself fit and healthy to keep the momentum going in your second innings of your life once you retire.
2. Increasing Life Expectancy
Women are now having a higher life expectancy compared to men. So, when men are planning for a retired life of about two decades after retirement, for women there has to be further buffer accounted for. It is possible someone can earn for 35 years from age 25. But after retirement, the non-earning period can be another 30-35 years.
3. Impact of Inflation
There is the impact of inflation on savings, and this slowly and steadily eats into the purchasing power of everyone.
You need to plan your finances and your work-life balance in such a way that you have the time and the energy to pursue your passion and interest even when there is no active income source during the retirement years.
4. Financial Plan
Irrespective of your age, if you are earning, you need to have a financial plan in place. This should have an overall big picture account of where you stand now, in terms of your finances, and where you want to reach.
5. Asset Allocation
All the wealth that you are able to create over the long term to meet your goals will depend on how well you manage your asset allocation mix during the earning period. Asset allocation is therefore the most important part of wealth creation.
As a retiree, your focus should be on two things – your health and your finances.
6. Nearing Retirement
Don’t carry a debt burden into your retirement years. Health and Wealth go hand in hand. And in order to preserve and enjoy the fruits of wealth and your labor, you need to remain healthy.
7. Holistic Retirement
Holistic retirement requires you to maintain balance between mind, body as well as your financial life. To make sure you do not have to worry about your finances during the golden years – away from the hustle and bustle of the corporate work-life – make full use of your earning period to go through the non-earning period comfortably.
It is time to retire the old notions of retirement and how we look at financial security. Having a house, car and a bank balance will no longer be considered adequate because of the changing environment.
9. Bottom Line
Retirement is not the end, rather it is the beginning of a new journey.
As life gets increasingly expensive, earning money on the side can spell the difference between having to dip into savings to pay your bills and managing your living costs without tapping into your bank account. Here are a few tips for making the most of your side job.
1. Schedule those extra working hours
Plan well for the extra work that a side gigs brings without harming your health (physical or mental) or negatively impacting your main job.
2. Network to drum up business
Like every other business, your side hustle too most likely requires you to find customers. To improve your customer base, use your network, talk to your friends, neighbors, former colleagues, and anyone else you think might be in a position to promote your services.
Sometimes, in the midst of the chaos, we lose sight of the things that really matter– Carta CPO, Suzy Walther (www.hrdive.com)
3. Make sure you’re being paid fairly
Just as it’s important to fight for a fair wage at your main job, so too should you get paid a reasonable amount through your side gig. Do some research to make sure the rates you’re charging are in line with the going wages in your area.
If you’re going to maintain a side job, it should be financially rewarding as well as manageable, without it negatively affecting your worklife balance.