Your personal retirement planning is as important as your personal
financial planning. In fact, the sooner you make it your priority the
easier your eventual transition into retirement will be.
During the early years of your career you typically don't give too much attention to retirement provision plans. I know I didn't. But that is a grave mistake. The years fly past incredibly fast and before you know it you're within ten years of retirement!
It is possible to recover and make adequate provision during the last ten years of your career. I certainly did exactly that. But it would be much easier if you made your retirement planning the priority right from the start during any personal financial planning exercise.
Sadly, we are not built like that. When you're young you feel untouchable. And there seem to be an eternity ahead to catch up!
I smile every time I hear a younger person's indignant response when ever I suggest that more funds should be channeled to retirement provision. It is like hearing myself thirty or forty years ago! But when you look at your personal financial planning and budget and you compare the priority of being a consumer now with the priority of making provision for financial survival during your retirement years, there's really no argument.
You think I'm exaggerating? Have a look at current average retirement income. Would you be able to survive financially on that income during your retirement?
On this Web site I try to discuss all related issues based on my personal experience, research, and what I observe former colleagues face during retirement. Do spend some time to read about all the issues you face.
In short you need to:
The above bullets may give the impression that the mind shift required – from consuming to retirement provision - is quite simple. It is not. It might take some weeks before you can make peace with the brutal change in attitude that's required. But think about your retirement. Try to visualize your retirement. Look at the lifestyle of the average retiree with empathy. And adjust your personal financial planning accordingly.
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