How do you want to live in your retirement years? When you're young, retirement might not even cross your mind until you're in your 30s. Many people in their 50s and 60s, who failed to plan for their retirement, tend to say, 'If I knew then what I know now, I would have done things differently.' So, why is retirement so important, you may ask? It's because retirement determines the life you'll lead after leaving your employer or business. There won't be a paycheck coming from your employer after retirement – no income, none! Take a minute to let that sink in. You'll have to rely on other income sources to survive. It's crucial to center your retirement goals around every job or business you have, if you wish to maintain financial independence and a comfortable standard of living when you're no longer earning.
Every financial decision you make should revolve around your retirement. Unfortunately, many people entering retirement don't give enough emphasis to personal planning, leading to missed opportunities. It's time to think about investing your money wisely. Ask yourself, 'How can this investment benefit me long term?' Make moves that will create wealth, equity, and a good return on your investment (ROI). Consider options like Roth IRA accounts, 401k with your employer, individual retirement funds, mutual funds, stocks, CRYPTO, and real estate to invest your money.
Try writing down your desired retirement age and the amount of money you'd like to live on after retirement. For example, if you want to retire at age 60 and receive $100,000 each year for the rest of your life, you'll need $3.8 million saved in an annuity. Once you know how much money you'll need to retire comfortably, create a detailed plan on how you're going to execute it and stick to it. If that involves putting $400 a month in your 401K plan, Roth IRA, Crypto and investing in properties, then go for it! Time is precious; there's no room for delay.
Also, make sure to pay off your debt. The last thing you want in your retirement years is a load of debt. Debt is the opposite of an investment, and holding on to it can be costlier than profitable investments. Planning for your retirement is crucial; don't wait until it's too late. Let retirement be the foremost consideration in your financial journey.