Still capable to perform in strenuous activities
Ideally, I can think of nothing greater than having a successful career that will last me a life time, but unfortunately, everything at some point will eventually end. If I were to choose an ideal age to retire from my career, I would probably decide on somewhere around age 65. It personally sounds like a decent age to be at where I could be able to enjoy my life because I am still capable to perform in strenuous activities. Being that I am currently only 18, I decided this by observing my own parents. I appreciate all their hard work and dedication to their individual careers, and at their ages, they are still physically fit and able to go on adventurous excursions. This allowed me to believe that around age 65, as long as I am as in shape as my parents, I won’t have a problem getting around while I’m retired.
Another contributing factor that helped me decide on picking the age I did was when I questioned what the life span expectancy is for women. When I researched this on the government’s social security website, I discovered that if you were to take away any possible health issues or physically harmful addictions such as smoking or obsessive alcohol consumption, I can possibly live to be around the age of 85. With this in mind, I pondered the possibility that something might come up that would lower this number and choose 65 as my anchoring retirement age. At this age, whether I am expected to die in 20 years or less, I feel like this age gives me enough time to enjoy the rest of life at a point where I am not too young or too old.
Every year while the value of the dollar continues to drop, the cost of living continues to rise. Unfortunately, that means that the cost of retirement also rises every year. When you plan for having money in the future, you need to go the extra mile so you don’t end up with less than you had hoped to have. Coming retirement day, I will hope to have saved enough over the many laborious years to be able to afford the necessities such as food, toiletries, medicines, etc. Then you have to plan for all the bills that come with being a grown up like the insurance bills or mortgage payments. Of course I would also love to be able to have extra to spend for luxurious reasons like birthday presents and vacations.
Now with all this on my plate, I have to figure out a system that will enable me to save up enough money to have this glorious retirement when I am older. Most businesses have pension plans that are available to their employs. That is definitely one way you can save up money for your retirement. There is also the old fashion way of simply saving a little money every month towards your retirement fund. Most people would suggest considering social security plans when looking into retirement, but personally, I would not want to depend on them. Slowly, they are losing money and with the baby boomers coming around the corner to their retirement, there won’t be a lot of money to receive from them when it comes to my retirement.
Of course, nothing ever goes exactly according to plan. Some people may linger from their dedication to saving up money. This will definitely hinder their ability to live comfortably in their retirement. People will make mistakes once awhile. Some may make withdraws from their retirement savings for non-emergency uses or simply discontinue adding to their retirement fund. Unrealistic expectations can also make people mistakenly believe that they have more to spend than they really do.
With all of this in mind, I hope I can properly prepare for a successful retirement.