Goals are essential for anything that a person wants to achieve in life. The same is also true for retirement planning. The expenses that a person will incur after they stop working, the type of activities that they want to perform in their free time, and the relationships that they want to invest in are all determinants that allow people to clarify their goals. Achieving these objectives in a stress-free manner requires meticulous planning.
Here are some goals that can lead to a peaceful retirement according to Bill Schantz.
The Importance of Building an Income Portfolio
It is essential for a person with retirement plans to have a sufficient income that is coming from diversified sources. Long-term assets can help people cope with the effects of inflation allowing them to retain more of their income. Building a sustainable and profitable investment portfolio is essential in this regard. People can sit down with financial planners to determine their needs and then plan out which avenues will suit them the best.
Bill Schantz Explains How a Second Career can Help
This is an action that people can take during the early years of their life. As they sit down to ascertain their expenses and future income, they’ll know whether their current profession will allow them to build a strong retirement plan. Bill Schantz asserts that this is important to analyze during youth because that is a time when they can acquire other skills and qualifications for a more profitable career in a more sustainable industry.
Hedging and Protection
Having an emergency fund is another retirement goal that can help you achieve a stress-free end to your working career. Hedging any risks and having adequate protection for difficult times is essential. There are various ways (like life insurance) which can help people make the best possible decisions for their life. The emergency nest eggcan help you cover extra expenses that you might have to incur after retirement, Bill Schantz states.
Stay out of Debt, Bill Schantz Notes
Debt repayments can run for as long as a person lives. However, while it is relatively easier to take care of them when working, things can become much harder once the person retires. This is why another crucial financial goal for retired life is to settle all your debt before work ends. Not having to make vital monthly payments that bring no benefit will bring extreme peace of mind especially when you want most of your time to fulfill certain objectives that you always wanted.
Conclusion
Bill Schantz stresses that for what it’s worth, retirement is a time when a person must focus on themselves and their loved ones. It is a time to enjoy life and be free of any worries. Still, this is only possible by setting sound financial goals at a young age. Through these milestones, people can invest, save and build a sound portfolio which bears fruit during the later stages of life.