When planning our retirement, there are five key commandments to keep in mind to ensure a peaceful and stable retirement. It is essential to understand our retirement needs, how much we need to maintain our lifestyle, create an appropriate savings plan, and minimize our debts before retiring.
One of the fundamental points is to understand how much we need to save to ensure a proper retirement. Planning ahead will allow us to maintain an optimal standard of living and live peacefully during our old age. It is important to prioritize saving above other expenses and even consider the possibility of continuing to work for enjoyment rather than necessity.
Creating a personalized savings plan is another essential commandment. For this, it is necessary to take into account our life expectancy, projected expenses, and the age at which we plan to retire. It is crucial to structure our savings plan in a way that allows us to cover our economic needs during retirement without solely relying on pensions, interest, or dividends.
Considering future expenses, such as those related to health, inflation, hobbies, and home improvements, will help us to more accurately calculate how much we need to save monthly for retirement. It is important to keep in mind that additional incomes, such as rental properties or participation in side businesses, can be attractive options to complement our savings and keep us financially stable in retirement.
In summary, planning ahead, prioritizing savings, reducing debts, creating a personalized savings plan, and diversifying our income sources are key to ensuring a peaceful and stable retirement. It is essential to consider these commandments to guarantee our economic stability in old age and live peacefully during our retirement.
