Retirement Planning Just Got Easier With These Simple Strategies

Retirement Planning Just Got Easier With These Simple Strategies

You’ve invested years into the workforce and are now considering retirement. What factors drive some people to retire sooner or later in life? Is there a specific age-range that’s best to retire? Planning for retirement is unique for each individual’s situation and goals. Optimal timing for retirement depends on the person’s needs, aspirations, and financial position. It’s important to maintain flexible and open to new possibilities when planning for retirement. 

Thinking of retirement? Consider this:

1. How many years have you been in the workforce? Social Security collects a portion of your employment income, accumulating funds for when ready to retire. Social Security provides detailed benefit information based on age, work history, and income. Applying for benefits is also possible on the Social Security website. According to AARP, the longer you wait to collect Social Security after age of 62 the greater the return. AARP comments further, “For each year you delay, your Social Security benefits will increase between 7 percent and 8 percent up to age 70, depending on your year of birth.”

2. Determine monthly income and monthly expenses. Jot down all sources of income and expenses for each month. This provides detailed information on financial obligations needed when considering retirement options.

3. Which sources of income will commence upon retiring and which will cease? List new sources of income such as Social Security, 401K’s or other retirement plans, savings, investments, and others. Also review income sources that will cease or decreases, and include updated financial figures to your retirement planning list.

4. It’s never too late to strategize for retirement. Regardless of age or work experience there are many options available. Seek assistance from a financial expert who can provide retirement options based on your goals and financial needs.

5. Working is still an option after retirement. Seeking employment after retiring is a choice for individuals who require extra income or enjoy working. There is a limit to the number of work hours allowed when receiving Social Security benefits. Consult with Social Security to make sure you’re keeping within their guidelines.

*All suggestions should be discussed with a professional who specializes in retirementment prior to implenting any ideas discussed in this article. This article is only intended for informational purposes.

Career Insights From Famous Thought Leaders

Perhaps you dreamed of becoming a pilot or astronaut, yet career aspirations seemed unattainable. Some people choose professions like dentists and business, while others desire to transform and inspire the world. Why do some individuals succeed and others are challenged with the mere thought of starting a career? Let’s explore the advice of some of the greatest influencers who are impacting our world till this present day!

Steve Jobs co-founder of Apple encouraged people to go beyond the ordinary and believe in his or her individual potential. One of Steve’s famous quotes reads, “Have the courage to follow your heart and intuition. They somehow know what you truly want to become.” Only you know your innate gifts and skills, and the work environments conducive to your potential. At times a dream job fails to provide the needed resources or opportunities for career growth. In such instances get creative exploring other job opportunities with similar responsibilities, yet offering optimistic career outlooks.

Motivational coach and speaker Tony Robins shares his insightful 6 steps to Total Success in a series of videos from one of his top workshops. Click Here to watch.

Another great influencer is the late Maya Angelou. Maya’s career advice is a golden nugget! Maya shares light on career intentions and driving forces for success stating, “You can only become truly accomplished at something you love. Don’t make money your goal. Instead pursue the things you love doing and then do them so well that people can’t take their eyes off of you.” Success brings a sense of accomplishment and fulfillment. If the driving force is rooted on helping others and manifesting meaningful change, success in your career is bound to follow. On the contrary, only seeking financial gain can limit career potentials and lead to dissatisfaction in the long-term.

Suze Orman is well-known for her financial advice, yet her work dedication began years before career success manifested. Suzie started as a waitress and worked her way up to the financial advisor and motivational speaker she is today. Suze recommends “thinking outside the box” and being open to different opportunities stating, “If it’s feasible, ask if you can volunteer or intern for a month or two. Who’s going to turn down someone offering to work for free?” Suze also recommends networking and asking friends and family to help in job searches.

One commonality seen in these great influencers is perspective. These people faced challenges like everyone does, yet they each focused on success and moving beyond the struggles. Rather than allowing difficulties to create roadblocks keep a positive outlook and career success is likely to follow.