The way to prepare for retirement is important from a financial perspective. Many people often look back at the years of their youth and how they had squandered their earnings with regret. Many often regret that they did not prepare enough for their retirement that is now upon them. The years of our youth are often wasted and there might be several things that one could do differently.
Survey on financial preparedness
There was a recent survey that was conducted by Allianz Life Insurance Co where it was reported that 32 percent of the polled contestants regretted certain life choices they had done. The biggest of the regrets had been that they did not pursue the dreams that they had initially which amounted to 39 percent. Others stated not having taken more risks in their professional careers, about 38 percent, while the other category of regret comprised of 36 percent stating that they should have taken more risks in their lives than they did.
The other category of regret wasn’t prepared enough for their retirement years. By now most people are aware that savings are not enough for the inflated lives that people are forced to live which becomes more difficult when earnings become limited and retirement age has come up. As per an Employee Financial Wellness survey that had been conducted by PwC, about 37 percent who were interviewed stated that they would not be able to retire at the time when they wanted. The survey tracked how well settled was full employed people across the nation, especially from the financial front. There was another survey that was done by Indexed Annuity Leadership Council. This survey revealed that many Americans, about a quarter of the national population were worried that they would be running out of retirement funds and not have adequate amounts saved.
Not all regrets are financial however. For instance, some state that they wished they enjoyed life a bit more when they were working. That is because the health problems that come up when one is older, often does not allow one to enjoy life nor do the things that they planned to do after retirement.
Advice from successful retirees
Those who mastered the art of saving enough and being able to enjoy their retired lives, have some advice to provide:
- Most advice that one should start early. It is something that financial planners agree with as well. Clients are advised that they need to plan for their retirement much before, almost as soon as one starts earning. Getting organized about one’s finances is the right way to inculcate the right habits on spending and saving.
- The other bit of advice that might surprise many is the fact that one should plan retirement not too late. Even financial planners agree with this aspect. They feel that clients get stressed when the question of retirement comes up. This is also because there is no steady income plan made by this time. Quality of life often deteoriates and impacts life after retirement.
The other points involve getting help from an expert financial planner at the right time. For related articles on pension Go Here, Discuss About Pension Plans And 401ks.