It would be fair to say that most people will find their incomes
at least halved the instance they retire from the workforce. The
bombshell is dropped when suddenly discovering they lack the
cash flow to do the things they had always dreamed of doing in
retirement. Sadly, what looked like being a dream retirement
becomes a rude awaking to financial reality. Will you be any
different?
Well, there is a quick-fix solution for when you
first retire. Live like there’s no tomorrow and eat-away at your
capital until it’s all gone. It’s fun while it lasts, but then
reality hits home yet again. In many cases, this capital is what
provides earning capacity over and above your government pension
(if you are lucky enough to live in a country that offers one).
Take away the capital and you rely 100% on your retirement
pension. What an awful situation to be in. These are the "golden
years"... the time of life when you should be enjoying yourself.
Yet the truth is; government benefits and pensions are not
designed to pay your mortgages, car installments, or credit card
bills. Nor are they designed to keep you in the lifestyle to
which you may have become accustomed.
Pensions and benefits are
designed to provide only the bare essentials. Needless to say,
retirement can be a rude-awakening as you learn to adapt in
survival mode. The message is clear:
=====> These days you can't
rely on others to provide you with ongoing employment.
=====> Understand that a government benefit or pension, at most, will
provide the bare essentials and allow you to live frugally.
=====> Know your true wealth at any given time in your life. You
might unexpectedly be forced to retire or stop working (trading
your hours for money). The decision is yours!
If you want to
keep your freedom, then be prepared to help yourself. What’s
more, retirement might happen sooner than you had planned. You
have to actively take part in your destiny without relying on
banks, employers or the government. If you have a job or run
your own business - great! However, start to think differently.
Find ways to build a growing income without always having to
trade your hours for money. That is the key! When you trade
hours for money you are earning a living to survive. The moment
you stop, or can no longer earn a living, will be the time of
reckoning. You'll suddenly discover the limits of your true
wealth.
§ Will you be able to do all those things you always
dreamed of doing?
§ How long will your capital last? § How
financially prepared will you be for an unexpected disaster?
§ How reliant will you be on the government, a superannuation
fund, or your family?
§ What will be your level of comfort in
retirement?
§ What changes will you need to make to cope with
your new financial circumstances?
Most of us live for today and
hope that tomorrow will take care of itself. Make no mistake;
these tough questions will need answering sooner or later. To
ensure those golden years are truly golden - better sooner than
later!
About the author:
Noel Peebles. Market Leaders Limited.
http://www.instantsellbusiness.com
http://www.instantsellhome.com
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