Retirement is a catch 22 situation. Yes, there is the pleasure of spending leisure days and freedom from the deadlines and frequent meetings.
But a happy retirement depends on the money you can save. It’s an uncomfortable plight as most of the professionals lack clarity in addressing the situation. The confusion creates fear, and the retirement plan remains unorganized.
It does not have to be a complex decision. You can overcome the fear of not making enough money for retirement with practical and straightforward steps. What are they? Explore here –
Understand how much saving would be enough:
It’s an ironic question as to the yardstick of “enough money” keeps moving away as we reach closer to the target. Our understanding of money, assets, and wealth evolves as we grow up and start perceiving our needs differently.
When you are in your 30s, you think a number, say around x crores in assets, would be enough. But as you reach nearly 80% of x, you suddenly believe 5x would be a better number.
A lot of factors go here for the new thought. The ever-increasing daily expenses, the medical bills, and so on. And if you look at trends, the average life expectancy goes up every 5 years. This is why having a sound idea of saving is essential. Yes, it’s a tricky calculation to do, but the clarity will help you start your retirement with confidence and peace of mind.
Keep the stream of income alive & active:
Did this disappoint you? Well, the typical retirement plan starts with no work routine. But it’s better not to shut down your income path completely.
While making a career choice post-retirement, be very selective and pursue jobs or start a business that you will enjoy doing. So far in your life, you have worked hard to earn your retirement time. A wrong post-retirement career choice can ruin that.
Good news! The internet has opened up new possibilities to establish new careers, connect with your prospects and accomplish your new business goals. Today, most professionals are architecting a career leveraging their vast professional experience and reaching out to people who need their experience and expertise.
Do inspiring work:
Post-retirement is the right time to continue doing what you love and keep the income stream flowing. Once you start putting your best efforts into helping others grow and learn, you will find the fear has taken a back seat, and you have got a new meaning in your life.
My Teacher Dr John DeMartini says, “When you are doing something you are inspired by, and you package it in a way that it serves people, there is never a lack of income”.
The key to financial freedom and a new career, if driven by purpose will help you rise above the fear and enjoy a balanced retirement life.
Learn from the best:
The transition from professional life to retirement is tricky. To Re-start your second innings you need to unlearn a lot and also learn very new things as the world keeps changing.
Professional and expert coaches can make it convenient for you with their tons of leadership coaching experience. I have been fortunate enough to help brilliant individuals plan their second innings in mid 40s and hence doing away with their fears of not making enough money as they plan out a life of fulfilment and abundance at the right time.
Are you looking forward to building your dream retired life? I am here to help. Let’s schedule a call today.
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