Thinking of An Early Retirement? Plan Ahead!

Arguably, planning ahead in terms of a financial context is the most important aspect of retirement planning. Make sure to plan ahead and put a portion of your income towards your eventual retirement. The ultimate goal of retirement planning is to achieve complete financial independence. This way, you can choose to work rather than be forced to work. In the long run, it is better to start planning for retirement sooner rather than later in order to better assess your financial health. Plan ahead and decide what sort of lifestyle you would like to see yourself living while retired, and then identify actions to support your readiness to retire.

Finding the Perfect Retirement Spot

Many experts have recommended that retirees seek places that have a population of at least 10,000 people, mainly because lower populated areas will have less establishments and a lack of human service. The best areas are the ones that are constantly expanding, and should have qualities that will attract lots of new people, such as, recreational parks/facilities, historical landmarks, and a flourishing economy. Ideally, there should also be a full-fledged medical facility nearby, especially for retiring seniors; as well as an area with a relatively low crime rate. Here is a checklist for some of the necessary qualities that one should look for when considering a retirement venue.

  • Crime rate
  • Health care
  • Weather
  • Cost of Living/Economy
  • Population
  • Recreational Attractions

Is Moving Necessary?

Consider your options, before making any sort of decision. Are you thinking about some retirement destinations? Is retiring in a different location extremely necessary? Or are you able to live comfortably and happily in your current location? Your current hometown may already be affordable, safe, enjoyable places to go, and able to maintain a steady population. There is truly no point in moving for the sake of moving. If you are in desperate need of a change in scenery, try going on a few vacations for a couple weeks at a time. This will greatly cut down on costs (depending on where you choose to go), and will save you the hassle of uprooting your entire life to a different location.

Always Have a Plan

Many people nowadays seem to be heading for retirement without any plan of action. They are heading into this phase of their life with the attitude of “everything will work itself out in the end.” This is an approach that will ultimately leave you with nothing in the end. A strong recommendation would be to have a concrete retirement plan as well as a backup plan that is just as stable. This way you are able to cover all bases and prepare well in advance in the case of a financial emergency. Retirement planning is everyone’s individual responsibility and so should be acted upon accordingly. It is a natural occurrence to start planning for retirement at a later age, but it never hurts to start early. When you are at a younger age, you have more opportunities to benefit from investment returns, just something to keep in mind while researching.

In the end, retirement should be a pleasant phenomenon in your life. Treat it as such, and plan ahead so you will be able to live comfortably in any given situation.

This guest post is courtesy of the team at iAnnuityRates, home of the best annuity rates UK 2012. Thanks for reading!

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