If you are like me you suddenly realized that you are not getting any younger. When I was younger growing older seemed very attractive but then of course everything changed when I actually started to age.
Not that growing older doesn’t come with it’s own perks as I have certainly matured and my perspective on life has changed but there are some drawbacks as well when it comes to planning for retirement.
When I think of retiring I have always envisioned lying by the beach reading a book with no pressing responsibilities. However there might be others who want to start their own business and start a new chapter in their lives.
Some persons might want to travel the world on a cruise as they live out their wildest dreams. Other retirees might want to try to take up a new hobby or sport that they never had they time to pursue while they worked.
After working very hard for several years it makes sense that you would want to enjoy your retirement and do what you like. Unfortunately there is another side of retirement planning, and that is to find the funds to maintain the lifestyle that you want.
How to Plan for Retirement
The first step for planning for your retirement is to determine what saving option works best for your budget and lifestyle. Some persons who wish to make their payments through the National Housing trust may access the Special Contributions Refund. This refund ensures that persons over 65 years old who have been retired by their employers will receive a lump sum.
This lump sum pay out relies on the monthly contributions made by the pensioner and special contribution refunds do not include amounts already claimed as regular contribution refunds or credited to the contributor’s loan account.
There are other options of course as many credit unions offer special incentives for persons to save toward retirement. Some save in stocks and that can certainly provide an added cushion to your finances.
Certain types of insurance policies also allow for a cash pay out after the policy has matured after a few years. This along with the government pension should help to make the transition into retirement a better one.
It’s important to decide on what plan works best for you now so that you can start saving now before you retire! Don’t be caught without a plan for your retirement. I know that I will start early so that I am able to enjoy my retirement.
See you on the beach, I will be the one with the book under the umbrella!
Let me hear from you! How are you planning for your retirement?
Teri Ann Renee Paisley
Gleaner online writer