Retirement is an exciting time. You can sit back, reap the rewards of your working years, and enjoy the life you’ve always wanted. You could travel the world, or maybe get started on that vintage car restoration you’ve been putting off, for instance. You’ll have all the time to do whatever you want.
For a lot of us, retirement feels like a far-off fantasy. Time, however, goes by quicker than you think. If you want to make sure your golden years are as exactly as you’ve dreamed of, you need to start laying the foundations for it today. Here’s why:
Health expenses ramp up as you age
The healthier you are, the more you can do in your retirement—but even if you stay in tip-top shape well into your older years, the cost to maintain your health only goes up. When you retire, you need to guarantee that those rising costs never catch up with you through a combination of savings, insurance, and investments.
You don’t want to go back to being a dependent
You started out life dependent on your parents’ support; the last thing you want in your later years is to be dependent on your kids. No one wants to be a burden, so make sure that you stay financially independent throughout your adventures in retirement.
Your capacity to work will dwindle
You can’t count on working your entire life–and you shouldn’t have to. Your body just won’t be as good as dealing with a 9-to-5 grind in your later years, so spend them living out your childhood dreams instead.
You won’t always see all the options available to you
As you get older and a little more set in your ways, you tend to streamline your decision-making process. While this lets you get what you want more quickly, there’s always the risk of missing out on better opportunities. Some people find that hiring financial coaches like the experts at AXA Philippines helps them get the most out of their lives.
As a rule of thumb, you need to make sure that you take care of four things as you build your life: health, education, income protection, and retirement. These four principles of financial planning are what form the foundations of comfortable, fulfilling senior years. Plan for your post-work life as early as now, and you’ll have a much easier time seizing the day, every single day of your retirement.