Retirement can be described as a stage of life where an individual decides to completely or partially cease from active work, typically upon attainment of a particular age or when enough financial resources have been acquired to last a lifetime without working. This indeed bathes itself in so much reality that there is too much attention that will have to be devoted to economic planning that will be done at high levels so that also at personal levels, one will be able to live the life that he or she is accustomed to even after some time when that individual will not be going to work.
Saving and Investing: This deals with building up wealth through deposits that are periodically made and retirement accounts that include but are not limited to 401(k)s, IRAs , pensions or other forms of investments.
Budgeting: This method involves projecting the costs of living in the coming years and therefore making cuts in the present expenditure to enable savings that are to be used in the distant future.
Healthcare Planning: This involves making sure that one has healthcare insurance since they will spend more on the health costs in their sunset years.
Social Security or Pensions: these are social insurance or retirement plans that are provided by the employers which gives a regular income after the retirement age of a participant has been attained.
Withdrawal Strategy: This includes the tactics employed with the objective of ensuring that the retiree translates his investment into cash in an orderly manner so such that he or she will have income for the rest of his or her life.
Having an effective retirement scheme not only helps one achieve financial freedom in retirement but also reduces dependence on salary. Most people appreciate that this gives them some psychological comfort as they grow older. I support the view that saving and planning for retirement is an action that should be started early enough, in order to ensure the later years of life are comfortable, secure and free from worry.
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