Planning the Nest Egg for Retirement

Planning the Nest Egg for Retirement

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If you ask 5 different people to describe retirement to you, you can be guaranteed of 5 different answers. The simple truth is that for various reasons retirement can either be a marvellous never-ending holiday or it can be a tough, stressful day-to-day battle – or somewhere in between. Sadly, nowadays the majority of people experience more of the latter than the former and whilst it may be easy to point fingers and make accusations of poor planning and bad judgement, everyone has a different story to tell and one mould certainly doesn’t fit all.

Thankfully, if you have some years to go before pension, there is time to take the bull by the horns and reroute your journey and thus ultimately alter your destination. In a recent survey they found that approximately 28 percent of Americans didn’t believe that they would have enough money to retire.

Whether or not you will be part of that 28 percent is up to you. The earlier on you take action, the better.
Money trees don’t exist. As much as we’d like to win the lottery, it’s highly unlikely that it’s going to happen and we definitely don’t have control over whether or not the odds will swing in our favour. We can either try to plan our retirement as effectively as possible now or we can gamble on the possibility that good fortune will come our way.

The first thing to do would be to determine what your retirement goal is. Once you know how much you’ll need in order to retire, you will then have to work out how much you’ll have to contribute in order to achieve that goal. The next step would be to make a list of recurring expenses and see where you can cut down in order to reallocate funds to your retirement savings.

It is advisable also to look at increasing your overall monthly income. Are you in the position to ask for an increase or are you perhaps in line for a promotion? Are you able to take on a part-time, after-hours job? Some people join multilevel marketing companies and bring in additional money by selling cosmetics or household cleaning products. This is money you wouldn’t have otherwise had.

Whatever your plan, the most important thing is to revisit it from time to time and to stick to it. As your income increases, so should the money you’re putting away. Don’t be tempted to spend your retirement money on vacations and other luxuries. You will definitely regret it in the long run.

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Categories: Retirement Planning

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