3 Essential Tips For Effective Retirement Planning
When it comes to retirement planning, there’s no such thing as “too soon.” Even if you’re in your mid-20s, you should still have a strategy in place for your golden years if you want to ensure financial security. Here are three crucial steps to successful retirement planning.
Assess your longevity.
While this isn’t a particularly fun exercise, it’s nonetheless important to dispassionately gauge your life expectancy. You can get a fairly accurate idea from your own family history (how long your parents and grandparents lived), your current physical health, and your lifestyle (whether you drink, smoke, or if you are overweight and/or sedentary).
However, whatever your findings are, you should certainly plan for a relatively long life; you can make an educated guess as to the length of your life, but no one has a crystal ball.
Plan your retirement lifestyle.
Retirement is much more than lounging on a lawn chair and sipping Arnold Palmers. You’ll want to participate in activities, perhaps go on vacation, and/or learn new skills and develop new hobbies. After all – it is very possible that you might spend as long in retirement as you do in your career. What might your retirement activities be, and how much would they cost? Will you want to keep working in some capacity even if you’re officially retired?
Build tangible assets.
It’s all well and good to have diverse paper assets – money market accounts, stocks, bonds, and investments – but having physical assets that maintain and even increase their value over time are crucial to achieving financial stability. Unlike intangible assets that can become worthless, commercial property, real estate, and precious metals will always have value.
If you have questions about how gold or precious metals can help you achieve your retirement goals, don’t hesitate to contact the experts at Birch Gold Group for a comprehensive consultation. Follow us in Pinterest.