Wednesday, August 4, 2021

Planning for Retirement Need Not Be Boring – Here’s How

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To many, the world of retirement pensions and investments is one of boring documentation, endless calculations, and difficult planning. And with some pension funds not performing quite as well as they might have done in previous years, it’s also the case that bothering with all of this can begin to seem like it’s not worth it. 

However, others find that they start to get a real kick out of planning for retirement, and there are lots of reasons why this could happen. From getting engrossed in the figures and starting to see the rises and falls in value to deciding what you intend to spend your cash on once you do actually retire, there are plenty of ways to inject some excitement into what could otherwise quickly become a boring topic. Here’s how to do it.


Watch the value rise

Perhaps the most obvious way to inject some excitement into the process of retirement planning is to demonstrate to yourself exactly what you intend to gain from the planning process. By using a tool such as an online compound interest calculator, you’ll be able to create bespoke yearly plans for your retirement that reveal just how much profit you could make. You will also be able to customize certain variables, such as the rate of interest, the compound interval, and more. Once you get the bug for this kind of planning, you’ll find it difficult to stop – and it may even encourage you to seek out the assistance of specialist retirement planners, including Goldstone Financial Group, which can help you diversify your portfolio by looking for investment products that suit you.

Plan some spending

The most fun part of saving and investing is, of course, to spend money – and if you’re finding it hard to get yourself into a mindset where retirement planning is important, then thinking about what you’ll spend your cash on when you retire could well be a way to motivate yourself into getting the planning stages underway. Perhaps what you want to do, for example, is go on a round-the-world vacation or build your dream property. Or maybe you want to retire early, and you’re hoping to start investing aggressively in order to achieve that goal. By pricing up how much these activities will cost and factoring in inflation and other costs over time, you’ll quickly be able to see just what you’ll need in order to have a fun and exciting retirement.

Work together

If you’re married or cohabiting, meanwhile, then it’s likely that you’ll be planning for your retirement together with your significant other. In that case, working together to devise a retirement plan can be a good way to bring your relationship closer and make it stronger. Planning retirement can also open up opportunities to change things in the here and now. While going through figures in an evening might not seem fun on the face of it, it could be worth it. Say one partner is quietly beginning to feel resentful that they are working every day and would instead like a day off each week to pursue more fulfilling activities such as childcare or a hobby. By going through the figures and seeing what the knock-on effects of this might be on pensions and investments, planning could actually open the door for a more rewarding life both in the present and much further down the line when old age and retirement are on your doorstep. It’s a win-win situation. 

Retirement planning is a key aim of many people, but for others, it is just a chore and a drag that takes forever to do – for, on some occasions, little to no payoff. However, this doesn’t mean that it should be forgotten about. On the contrary, it’s the sort of task that is important to dedicate yourself to doing – and to add some fun to as well. It can be a great way for a couple in a financially interrelated relationship to bring themselves closer together, for example, while it can also be a chance to enhance a relationship. If you’re a numbers geek, then tracking the growth of a portfolio can quickly become addictive. In short, don’t write off retirement planning: instead, try to find ways to make it as fun and interesting as possible while also using it as a way to grow your portfolio.

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