Planning For Retirement

Discussion in Retirement Plans started by gracer • Mar 13, 2016.

  1. gracer

    gracerActive Member

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    The millennial generation is known to have a "live in the now" attitude, but while I'm one of them and I appreciate the value of living for the moment I still consider planning for the future as my main goal. I don't want to overdo it though that I would end up not being able to enjoy my life and then the unexpected happens.

    Retirement is still far from my reach and who knows if I would still be able to reach that stage but I already have laid out plans for myself, my husband, and our son for retirement. While prioritizing saving and investing for our son's education and our retirement, I also have a vision of traveling as a family to different destinations every year as a way of rewarding ourselves for every year's hard work. This is how I plan on living my life until retirement.

    How about you, what are your plans for the future and your retirement?
     
  2. Corzhens

    CorzhensWell-Known Member

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    I am going to retire in less than 7 years and I'm already making some plans on what to do with my retirement pay. My husband and I had agreed to buy a lot and build an apartment to rent out so we can have an income in our old age. Just depositing the money in the bank will make it stagnant so we are thinking of how to use the money in order to earn something.
     
  3. gracer

    gracerActive Member

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    That's a great plan you have there @Corzhens@Corzhens. :) Building an apartment is a good passive income that doesn't require much to be done as long as your tenants are good ones and they won't give you headaches every now and then. I think it's a great source of income for retirees. At least you get to enjoy your retirement and at the same time you still have an income to look forward to every end of the month.
     
  4. xTinx

    xTinxWell-Known Member

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    The future and the nagging concern about not having enough money to live the life I want until old age were just among the reasons I purchased a life insurance plan some years ago. It also serves as my "early pension" and family security plan. When I hit my mid-30s 6-7 years from now, my plan would hopefully mature and I would be able to get back the amount I initially invested while my coverage will still continue. I also have the option to continue my plan. If my family grows, the coverage expands to accommodate each member but my premium remains the same. It's a really nice investment and affordable to boot given my current earnings.

    I haven't looked too far ahead but I do intend to be financially free - with a house, a working string of businesses, non-profit organizations, a big family and cars of my own. I sound ambitious but hey, if you dream big, you'll be motivated to do more.
     
  5. remnant

    remnantActive Member

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    It is always a winning mentality to have a solid retirement plan which would cushion a person during old age or after retirement. I currently don't have one though I plan to do so in the near future. In my opinion, creating a passive income stream is a sound move. There are also self employment ventures and jobs which are suited for different ages and one requires to do some research to arrive at such. One can never be too old to lack a source of livelihood.
     
  6. Denis Hard

    Denis HardWell-Known Member

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    Many people I know who always looked forward towards retiring once they retired just staying home and doing nothing gets to be really boring really fast.

    Since I know that even in retirement I'll still have to keep myself busy, my retirement plan is to start a business. It doesn't matter if it will grow very slowly. It's what I'll be working on for years and saving the profits so when I no longer can work I'll have more than enough money tucked away.
     
  7. Pat

    PatWell-Known Member

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    Retirement to me means that I do not have to go to an office on a regular bases. I work part time as an insurance agent that lets me arrange my time. I do want to travel more so I have been looking into setting up a lifestyle that will allow me to travel more and only work a few hours a day.