Retirement Planning Essay

938 Words4 Pages
Retirement Planning: Retirement is simply moving from an income earning phase of your life to a phase where you will be basically spending from your investments. Why should I plan? You might be thinking, why should I think about retirement now? I’m young and fit, I can think about it later. This procrastination can be a costly and financially dangerous mistake. Everyone should be looking to the future and planning for the day that they will no longer want or be able to work to earn a livelihood. The fact is, average life expectancy in Jamaica is 71 for males and 75 for females. Most people will retire well before these ages. Think of retirement as a period of time, not as a point in time and plan accordingly. You may spend as many years in retirement as you did working. Will you be ready for retirement? Everyone grows old. It’s inevitable. The question is, will you be ready when retirement gets here? We all know it’s coming, but unfortunately, few of us are adequately prepared for its arrival. While everyone has different plans for their retirement, the one retirement goal everyone shares is a need for an appropriate level of retirement savings. And with life expectancies on the rise and people spending more years in retirement the need for adequate retirement savings is more important than ever. Plan ahead for the lifestyle you want How much do you need to save for your retirement? The answer to that question is as individual as you are. Different retirement lifestyles have different financial requirements. The more specific you can be about the type of retirement lifestyle you want, the easier it is to calculate how much you need to save to make it happen. For example, if youre planning to travel, youll need more money than someone who is planning to spend more time in the country. Or if you plan on working part-time in retirement, youll need to
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