In life, a lot of us are aiming for more wealth, so that we can live a better and more comfortable life, as we work towards our retirement age.
But there was a report, launched on Tuesday, that was commissioned by the United Nations Development Programme (UNDP): revealed that 90% and 86% of rural and urban households, respectively, had no savings, while the majority of households at 88% had zero earnings from their savings.
And because of this, we feel it's important to talk more about RETIREMENT in our upcoming posts, because we believe that's the goal at the end of the day.
|RETIREMENT: What's your game plan?|
Generally, financial planners look at life in 2 phase:
|The 2 phases in Life|
In short, the game plan is simple:
It is interesting that while the game plan is simple, it is rarely practical in REAL LIFE, unless of course, if you come from a rather wealthy family to start with.
Being someone who studied Statistics, I always remember a simple yet true quote: ALWAYS ACCOUNT FOR VARIABLE CHANGE
Life is definitely full of uncertainty. It leaves a lot of people under saved and there is no cushion to fall back on if you live an exceptionally long life, or a shift in your retirement goals. There might also be the setbacks financially or health issues. The changes in your passion etc. All of these contributing to how much money is needed for retirement.
Most people are in the guessing game, especially if you're in your 30s or 40s. But when you reach the age of 50, reality sets in and it might be a little too late.
Well, let's get back to basics then...we know the track that we're in. We know to a certain degree the resources that we have and what we could make do with....so while we still have time, maybe it's time to look at adjustments in life. There is time yet to save more, spend less, postpone your retirement date and even reset your expectations.
For those of us who are already on this journey, facing with all these variable changes, here are 2 FUNDAMENTAL QUESTIONS I believe we should ask when we want to talk about retirement.
1) WHAT'S YOUR DREAM?
|BACK TO REALITY: HOW MUCH MONEY DO YOU NEED?|