Live
Like A King Not A Pauper In Retirement
By Rhiannon Williamson
We
all have choices in life, and we know that some choices we make affect
not just us but our family and we also know that many choices we make
today will affect us for the rest of our life.
You
have to make a choice about the quality of life you would like to
enjoy in retirement and you have to make that choice today. You then
have to make a choice about how you’re going to set about making your
decisions come to financial fruition.
Deciding
on the quality of life you would like to enjoy is far simpler than
answering the commonly asked question “how much money will I need
to retire on?” Only you know whether you’d like to spend six months
of the year every year of your retirement on a cruise liner or whether
you’d be happy to spend every fine day of your retirement in your
own back garden.
Only
you can determine whether you’ll want to drink fine wine with your
evening meal or diet soda!
So
while your financial planner might suggest you need to save half your
income today to enable you to live as you do today when you come to
retire, you on the other hand might be able to tell the financial
planner to remove expensive car loan payments and a mortgage from
your retirement income for instance.
Indeed,
one of the best things you can do today to enable you to have freedom
of choice and the sincere chance of a better retirement is to work
to pay off all debt – not just credit cards and car loans but household
related debt and in particular your mortgage. Just think how much
more money you would have left over at the end of the month if it
weren’t for that dreaded mortgage!
By
massively reducing your outgoings, by paying back all debt, you will
need far less to comfortably live on when you finally give up work.
Another
point worth bearing in mind is that the most significant asset most
of us have as we approach retirement is our home. Therefore if you
own your own home outright when you come to retire you can actually
release the equity you have worked so hard to accrue to fund your
retirement if you had no other or better options. Obviously this solution
only suits some people but having this amount of security to fall
back on is bound to offer peace of mind. Therefore do all you can
to unburden yourself from the shackles of debt before retirement and
you’re far more likely to enjoy life fit for a king.
The
financial cost of delaying your retirement planning could make the
difference between you enjoying a well deserved and comfortable quality
of life after work or you having to take part time employment or seriously
down-size in retirement.
Indeed,
the longer you put off starting a savings plan for retirement the
more of your income you will have to save for longer.
Did
you know that if a 25 year old and a 35 year old were to start saving
for retirement at 55 and the 25 year old invested £300 a month
towards retirement, the 35 year old would have to increase his contributions
to £803 a month to achieve the same potential returns?
Don’t
put off until tomorrow that which you must get done today. To ensure
your financial security and physical comfort in retirement take positive
action today.
Rhiannon
Williamson is the publisher of http://www.shelteroffshore.com/ - the
online resource that guides you to a low tax, maximum investment profit
lifestyle.
Shelter
Offshore features three main channels - offshore investment, property
investment abroad and overseas lifestyle.
Rhiannon
Williamson is also the author of ‘The Offshore Advantage’ http://www.shelteroffshore.com/index.php/shelter/offshore_advantage/
which teaches readers how to build secure wealth using their secret
offshore advantage.
