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12 easy steps to make your retirement plans work for you
Thinking and planning in the long-term for your retirement will make your golden years enjoyable. Human beings are distinguished from other creatures by their ability to think, so start thinking today for tomorrow by making this rather remote eventuality a comfortable experience instead of something that is feared and put off until it is almost too late.
- Decluttering is perhaps the number one step towards making this phase of your life easy. Start by clearing out any unnecessary documentation and ask yourself what you would like to do with all those birthday cards and other items that you simply don’t need any longer that are lying around, such as photos, recipe books, programmes and other items that are no longer relevant to your life and that won’t be to the lives of your family either. There will always be items of great sentimental value, but if you are planning to downsize and don’t want to get rid of these, storing them in a self-storage unit until they are used once more is a good option
- Examine all your insurance needs and shop around for better or more comprehensive cover at reduced costs
- Relook at your medical cover
- How does your job prepare you for your future financial needs – this is another question you need to ask yourself
- Tax savings and other pensioner rates – do you make full use of these?
- Invest for and into the future
- Taxes do continue even after you retire
- Examine the rates and taxes rebates at your local municipality – at the age of 70 this falls away in the city of Johannesburg
- Your home is your biggest asset – can you rent out part of it to produce an income?
- Your will needs to be updated on a regular basis – ensure the wealth stays in your family
- Couples, no matter how dedicated they are to each other, will find it difficult to be together 24/7. Both need outside interests and companions to keep their sanity, so ensure you are also prepared for this
- There are other issues to consider when we get older – these include housing, health, maintenance, interests and leisure pursuits
Retirement is when we reach a stage in our lives where we have worked our entire lives to make money that we want to work for us. Paving the way is important – start small and rid your world of anything that doesn’t make you happy – and put the rest into storage until you decide what to do with any excess items.