Are You A Future Thinker?
We get it. We can all be a little guilty of living in the here and now and not giving another thought to the future and what that might look like.
Right now you may be thriving in your career and living your best life. Perhaps you have created a business from nothing and turned it into a success. It is easy to enjoy the rollercoaster of life when things are going well. But often the journey comes to a halt at some stage and that may just be when the time comes to retire from the job or move on from your business. Then what?
If you haven’t paid too much attention to how you plan on living your life beyond the corporate chapter then you may be at a loss as to what to do and more importantly how you plan on funding the lifestyle you want to lead? No doubt you will have grown accustomed to certain things. So what should you do? It is always good to have a bit of thought towards the future and really think about where you might be heading. We wanted to share with you some of the things you could consider, and even put in place now, that will allow you to have plans for the future without taking your eye off the ball when it comes to day to day life.
Save now for the future
Saving for your future is possibly the easiest way to save for your future, and the one thing that you perhaps have complete control over. There are a few different ways you can do it. You might perhaps already have a lump sum of money in savings that you don’t want to touch, maybe an inheritance or a bonus from work, and so you could consider putting this into a long term savings option like a bond. There are many to choose from, and one example would be to read the Viderium bond review to see what you think. There are also shorter term solutions that can still give you the access should you need it. Saving a little each week or month can really add up over time.
Your house could be the key to your future
Property is one of those longer term investments that we can associate with the future, after all, climbing up the property ladder is a great way for you to increase the value of your home. Getting on the property ladder is one of the best things you can do initially, then making home improvements or decorating to increase the value, and moving on to bigger properties or investing in a different area. Once you do hit retirement level you than have the choice of staying where you are and maybe using equity release schemes to cash in on the money tied up, or you could consider selling your home. That means cashing in and downsizing which could also reduce your outgoings.
Would you be able to stop?
The one question you have to ask yourself is whether or not you can stop. It is important for you to realise that just because you will have come to a certain age that this doesn’t necessarily mean that you will be happy too stop working or using your skills. So you may want to think about freelancing or starting up your own business. Maybe monetising a hobby you have and generally filling your time.
How do you want to spend your time?
Retirement doesn’t necessarily mean you want to stop doing anything and just completely slow down. We have already mentioned that you may not want to stop working, but perhaps change the outlet in which you work in. But you might also want to spend some time thinking about how you might like to spend those retirement years. Perhaps you have bucket list and you want to travel. Maybe you like the idea of seeing new places, or spending your time taking up a new hobby that you once lost time for. You have the time to do these things, so it is worth thinking about how you might want to spend it.
What about pensions and other options?
Finally, there are other ways you may want to fund your retirement. You will have grown accustomed to a way of life, and so you might want to take the time to think about pensions and contributing to other methods of savings to help finance your retirement period. If you are employed you will most likely already pay in to the government workplace pension, but the question to ask yourself is whether it will be enough?