One of the facts of life is that we will all get old and at some point, we will no longer be able to do the jobs we currently do or run the businesses we do. We will have to retire and look more to the quality of our lives.
In fact, many of us will hope to retire long before we are totally unable to work and will thus need to provide for living the remainder of our lives for as long as this may be.
The only way that you can ensure yourself a decent retirement with the time to be able to learn new hobbies and enjoy life with your family and friends is to be able to afford not to work and yet maintain the same lifestyle. This requires detailed retirement planning to ensure that whatever financial solution you implement is going to provide for you and yours for as long as you need.
Do your research
Unless you do your research, your retirement planning may be too generic. The online calculators may look great, but many won’t take into account the very specific issues that may impact your retirement, such as your family culture, the possibility of your children looking after you and what your specific health needs are. It is thus pertinent to do as much research as you can as to what the options will be, how much money you will need per year for your specific lifetime and then to work backwards …