My retirement plan is to retire from my job at the age of 60 years. In retirement, I plan to live with my spouse for a period of 20 years. Retiring at 60 years will grant me a total of 20 years before attaining 80 years, which is currently the average lifespan of a human being. After retiring, I will move with my spouse to a relatively small house. At 60 years, my children will have grown and will likely be staying on their own. I consider it hectic living in a family home of maybe 4 bedrooms when we will only be two of us. I will stay in our home with my spouse and might consider moving to a retirement home after attaining 80 years. At the moment, I do not think that either of us will require long-term care. After retiring, I will need fewer things. The most important will be finances. I will require approximately 60 percent of what I currently earn at the moment. Apart from money, I will also require a retirement home of two bedrooms and a car for movement. I consider the needs as significant in making my life comfortable.
I plan to retire from my job debt free to avoid putting unnecessary financial strain. I will orchestrate a plan to clear all my debts five years to my retirement. It will thus enable me save more funds for utilization during the retirement period. My plan is to budget and save. I will consistently save money to ensure that I retire debt free. I will live frugally while focusing on maximizing my retirement finances. I plan to clear my mortgage and car loans prior to attaining fifty years. Keeping a budget and adhering to it will be an appropriate way towards living within my means while saving for retirement.
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My financial sources of retirement will include social security and a pension plan. At 60 years, I will fulfil the entire requirements needed for a person to qualify for social security. I will have worked for over 35 years as is required by law. I am also planning for my retirement by investing in a pension plan. I have made an agreement with my employer that requires him to make contributions to a pool of funds set aside for employee’s future. After attaining my retirement age, I will be entitled to money contributed to the pool of funds over the years. I will thus be guaranteed a definite amount of income at my retirement. Apart from saving, I will also invest in real estate industry. I feel that real estate is the safest place to invest money for retirement since it requires less involvement compared to other investments.
At my retirement, I estimate that I will have various sources of retirement income that includes social security, my pension plan, and my investment in real estate industry. I plan to sell our family home after retirement and purchase a relatively small home that will be enough for me and my spouse. I will dispose-off our two vehicles and remain with one. For the investment in real estate, I will manage the properties up to around seventy five years then leave the management role to my children.
