Retirement is not what it used to be!
In times past, retirement was that relatively short period between the time you stopped working to make ends meet to the time you went to meet your maker. With increased longevity and increased health in our later years, retirement in the 21st Century will be very different from what our parents and grandparents knew.
Many of us will retire to something new. Many of us will want or need to work in retirement, at a different career, as volunteers or even in our own business. While we may be doing what we want, we may not necessarily be intent on slowing down.
There is the expectation that you will need four to ten times the amount you paid for your house.
Why? Most of us will live a long time in retirement – possibly as many as 20 years, without generating income through employment. Therefore you must save and invest sufficient funds in your working years (around 40 years) to live for 60 years or more – or work longer!!
Without proper retirement planning, you can be faced with a significant cut in your income at retirement, requiring dramatic changes to the lifestyle to which you have become accustomed.
Properly planned and prepared for, retirement can be the best time of your life and your best opportunity to make your mark on your time.