How is life after retirement? Do you have to prepare for the life after retirement? What are the essential things you have to do before retiring? Many folks end up living a miserable life after retirement, the reason being they didn’t plan well for the resignation. So how do you go about it? According to David Giertz, here are some ways that may assist one when planning for retirement.
How to ensure you are Secure and Financially Stable during Retirement
It is difficult for one to estimate how much money one may need to save for early retirement. At times you never know how much you are expected to save for the full pension. Note, during retirement, you will spend more than you receive and as such you will be needed more money. Thereby, it will be a good idea to save more from your income. Saving from your income may not be enough, and as such, other income opportunities should be considered to ensure you are financially stable during your retirement.
Note, an investment is an ideal way of earning extra income. But the question is how and what to invest. There are essential things one need to put into consideration to have best investment decisions. For instance, by the time you are retiring, how much would you have saved? You ought to have saved at least six times your yearly income to have enough capital for the investment.
For early retirements, one ought to save at least 30 times of the annual income. By saving more will ensure you have sufficient funds for investment. Second, you need to consult successful entrepreneurs before venturing into any investment. They will guide you in areas to venture in and those to avoid.
Choose the Best Retirement Plan
You ought to find a flexible plan for your retirement savings. The plan should have penalties to discourage early withdrawals. A good plan should only allow the withdrawal after the retirement.
After going through, ways that may assist you to plan well for retirement by David Giertz, it will be good to know more about David Giertz.Mr.David L.Giertz is the president of Nationwide Financial Distributors.
He is also the Senior Vice President for several nationwide companies. In 2009-2013 he was the Vice President of Nationwide Financial Services. In 2004-2009 he was the Vice President of NF Sales.