How To Avoid Working During Retirement

Planning your savings plan carefully is the only way to avoid working during retirement.

A staggering number of people get to be forty years old with barely anything saved, which doesn't give you a lot of time to make up the difference. And those who do plan often fail to plan for a long life. You don't want to suddenly realize you're ninety years old, still healthy for your age, and about to run out of money. While it may seem pointless to save enough to live on until you're a hundred years old, it's probably going to be worse to be ninety and unsure of what to do next.

Due to a failure of planning, or a fail to properly plan, you could end up in a messy situation right when you're finally supposed to be having the time to do all the things you didn't have time for before. With a little effort towards planning, saving, and investing you can avoid working during retirement.

The key to all of your dreams is proper planning. This involves planning what it is you want to do during these years, so that you can figure out what your yearly budget will look like. Once you decide how much money you believe you'll want to live on each year you need to decide how many years you think you'll need to live on this money, so decide when you want to stop working and plan on living a long life, at least ninety five years old but a hundred to be safe. Once you do the math here you'll see the total amount you need to save.

Now you need to make plans for how you'll make that happen. This can involve a mix of investments like real estate, 401k plans through your employer, IRAs, separate stock investments, and hopefully some social security benefits mixed in. Don't get too overwhelmed by trying to do everything at once, plan to start investing in one or two options right now, and build more into your plan as time goes on to avoid working during retirement.

by: Jennifer Quilter

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