Are You Planning A Long Retirement?
Tuesday December 16, 2008
If you are planning for a long retirement, then your managed super funds are going to need a lot more money and you are going to need to do a lot more planning. Essentially, if you want to have a long retirement, you had better have a budget that you can both follow and are willing to follow. Just guessing that you can stick to a less lavish lifestyle isn't enough. You will need to know for sure that you can stick to a more limited budget and lifestyle before planning to save less than you need to continue living your current lifestyle for an extended period of time.
Many people do not seem to comprehend in real terms the amount of free time they will have in retirement. Romantic thoughts about being able to finally catch up on reading tend to be foiled for many people once they realise they only feel like reading for a portion of the day. How is the rest of the time going to be filled? If you want to have a long retirement, you should probably have some plans for what you will do in the long term, as planning now will allow you to prepare financially, whereas making decisions later may land you in a worse off financial situation than you expected.
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