Having a successful retirement takes some planning. ”Winging it" may not be the best strategy. Here are some common traits of
those who have a successful retirement.
1. Be debt free
Many retired people still have debt and are using reverse annuity mortgages at a younger and younger age. You want to do everything you can
to be debt free by the time you retire.
2. Have cut the financial cord with their children
Parents have one basic responsibility which is to equip their children to survive on their own, both emotionally and financially. Having
money does not make you a bank. It may sound harsh but if a family member needs money, let him or her borrow it elsewhere. At some point
your children need to learn how to stand on their own two feet financially. The wealth you've accumulated has to last you the rest of your
life. The best strategy for this is to teach your children as young as possible to be financial responsible and learn to say
“no” to their requests for money as soon as they are able to earn for themselves. Of course if they genuinely need a helping
hand then it’s important to help your family. The challenge is to find the balance between helping out in times of need and enabling
your children to become freeloaders.
3. Financially educate yourself
Independence is the main goal of retirement. You don’t need to become a financial whiz, rather learn some good basic financial
know-how so you are not financially vulnerable and can make sound decisions. Give yourself a financial education while you're accumulating
wealth so you can enjoy that wealth once you retire otherwise you might just leave a high-stress job for a high-stress retirement.
4. Use the experts
Professional advisers will, in the majority of cases, have a lot more financial knowledge and experience than you. A professional advisor
could fully manage all your investments, or you might decide to use them for some of your portfolio. Even if you decide you want to manage
your investments yourself there could be a lot of value in using an independent, qualified professional to assess how you are doing and help
you keep on track. The check-up might cost a few hundred dollars, but it’s money well spent. Retirees cannot afford to be penny wise
and pound foolish.
5. Get on the same page as your partner sooner rather than later
During your working years, you trade time and expertise for money. For most, the goal is to save enough so you don't have to work full time
to survive. Then, during retirement you trade money for time to pursue other interests. Sad to say, many people struggle to pinpoint what
those interests are once they get there. One spouse might want to travel while the other doesn’t, etc. Retirement is no fun if only
one partner is living their dream. Happier couples talk and plan how they want to spend their time long before retirement day.
It's not just about finding a deal, to truly grow as an investor you need to plan towards your end portfolio and work with people who can help you move towards that vision. iFindProperty has a service that achieves that for clients, and we are excited to share it with you
As an accountant is not a place for my personal political opinions, but professionally speaking I’m pleased with this result, and cautiously
optimistic we might have a friendlier tax environment for the property sector for at least a few years. But what does this mean for property