Tuesday, September 25, 2018

5 Steps Towards A Happier Retirement

Unless you want to stay in work forever, you do need to start working on your
retirement plan. By taking steps now, you can guarantee a happier retirement
than you may have had otherwise. Consider the following steps and start putting
them into practice today.

Step 1: Start saving your money

The more money you can save leading up to your retirement, the better. Use our
quick and clever saving tips, and then start putting any excess money you accrue
into your savings account or pension fund. You will need to curb the temptation to
spend and dip into any of your accounts in the meantime, but the rewards come
retirement will be worth it.

Step 2: Seek financial advice

Don't rely on your own financial understanding. To manage your finances, speak
to both an accountant and a financial advisor. An accountant will give you guidance
on your self-managed super fund planning, let you know where you can save
money each month, help you to budget, and give you advice on tax (and how
to minimise it). A financial advisor will show you the best ways to invest your
money, help you with your estate planning, and give you guidance on protecting
your wealth. There may be an overlap in the services offered by the two, but
it's still worth seeking the advice of both to maximise your finances.

Step 3: Get out of debt

The sooner you can get out of debt the better, as you will have more money to
put aside for your retirement. This includes paying off your mortgage quicker,
as well as any other outstanding loans you may have, including your credit cards.
If you are currently struggling with debt, don't delay speaking to a debt charity
for help. It could be the best thing you do today, as you will finally be free of
the emotional and financial burden placed upon you.

Step 4: Boost your income

If you don't feel you are earning enough to retire comfortably, then look for ways
to boost your income. From investing your money to starting a side-hustle,
there are plenty of ideas here that will add to your bank balance each month.
You might also consider a change of job (or asking for a promotion) if your current
job isn't paying you enough to live on now, let alone give you money to add to your
savings for life post-retirement.

Step 5: Look after your physical health

Looking after your financial health is important, but you still want to be fit and active
enough to enjoy the money you have managed to gather for your retirement. If
you aren't currently embarking on any kind of exercise programme, and if your
diet is predominantly on the unhealthy side, now is the time to put things right to
give you the longevity you need to enjoy your retirement to the max.

No matter how far you away you are from retirement, there is no better time than
now to get your life in order ready for the future. Follow our tips, and take the
necessary action needed to give you both a happier today and tomorrow.

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