You are well-educated, energetic, and have the passion to achieve your dream. It is the stage where your mind and body are young to function for 24*7 hours. However, the same energy is never consistent. Time flies and you enter into the retirement phase where you need a source of passive income to survive.
So, it is mandatory to plan for your retirement phase from the initial level of your career. To most, it seems to be a matter that does not need enough attention at a younger age, but there are several reasons one should start planning for their retirement:
You cannot work throughout your life:
Youthfulness is not permanent a permanent gift. The body cannot have the same energy in every stage. Therefore working for entire life is next to impossible. Start saving and investing for future and earn good income from the market.
Own a Property:
Property investment gives you renting/sale income. So, if you are in the retirement phase and have flats in a city, or a multistoried building, start finding renters or property investors who deal in sales and purchase of the property. You can earn a good income from renting your property.
Rely on a Single source of Income:
It breaks you financially. If you do not have additional income source, you put your retirement life in danger. Choose a passive income source and stay relaxed. Do not depend on your children.
Health and Medical Expenses:
Simultaneously with aging, there is an increase in medical expenses that you have to bear on your own. Start planning for your retirement life and stay healthy.
To cover daily living expenses:
Apart from the monthly budget, you need to manage daily expenses which is itself a big expense. Keep enough funds for daily money management healthy.
What would you like to do? Share your views on retirement planning.