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Useful Tips on Preparing for Retirement - William Schantz

Useful Tips on Preparing for Retirement – William Schantz

Planning for your retirement can make the process smooth and stress-free. If you are planning to retire in the near future, know that it is never too late to start preparing to live a comfortable life after retirement. Here are some tips by William Schantz to help you prepare for retirement with ease:

Valuable Tips on Preparing for Retirement by William Schantz

1.     Start Saving

If you haven’t already started saving, whether for post-retirement life or any other goal, it is time to start. Saving is an extremely rewarding habit that provides a financial cushion in the future. The sooner you begin saving money, the more time you will have for it to grow. Start by saving a small amount of money each month so that you don’t have to compromise other necessities.

2.     Establish Retirement Goals

According to William Schantz, the best way to prepare for retirement is to establish and prioritize your goals. For example, if your goal is to enjoy some free time at home, you will only require little immediate cash. However, if you plan to travel and see the world, you’ll have to save up some more. Establish a flexible statement of goals to which you can add things as time progresses.

Remember to take into consideration any increasing financial demands as it evolves. Moreover, be specific when establishing retirement goals and keep a time frame. Here are some examples of specific retirement goals recommended by William Schantz:

  • Visit your children thrice a year
  • Plant new trees every three months
  • Travel to Europe in December
  • Take yoga classes twice a week.

3.     Ask Yourself if You Want to Keep Working Part-Time

Some people are so used to office life that they can’t do without it, which is why they continue working part-time after retiring. Retirement doesn’t necessarily mean your work life has to come to a complete stop; it can also mean slowing it down.

Apart from keeping busy, a part-time job will also mean additional income you can enjoy spending on other leisure activities in your free time. So, if you plan to continue working, William Schantz suggests searching for a job well before your official retirement date. Give yourself some time off before switching to a new job to relax and unwind.

4.     Take Into Account Your Basic Financial Requirements

Daily living expenses during retirement are not lower than they are now. While many believe they will spend less money as they age, this is not always the case. As you have more spare time on your hands, you tend to spend more money on leisure activities such as traveling, trying out new restaurants, joining health and fitness centers, and more.

Determine where in your budget you can save money for retirement. For example, if your mortgage is paid off by the time you retire, you won’t have to plan for that hefty monthly payment.

William Schantz’s Concluding Thoughts

The process of planning for your retirement evolves over time. Follow these simple and valuable tips to prepare for and transition to post-retirement life comfortably.

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