Self employed retirement plans for life after 70’s

It is an idea found among people to work after their retirement age to raise the level of savings accounts to a level that may help them to spend their retirement days in leisure. About one-third, people go with the idea of working till the age of 70s when asked about their pro-retirement plans. There is nothing wrong with the idea except one thing that your increasing age and health condition may pose a serious risk threat to you. You may decide to retire earlier than what you decided for.

As per statistics of the survey, in 2017 about half of the people of total retired before the age of 62. An additional percentage of 25% took their retirement between the age bracket of 62-64. Another survey in 2018 helsp to find that about 30% of the employees are found saying that they will work up till the age of 70. On experimental grounds, only 7% managed to do so.

As per EBRI, about half of the retirees say that they will leave their workplace earlier than the planned. Retirees argue that either their health condition does not support them or their family member needs their help. There is one more argument that they lost their workplace.

Photo by Kelly Sikkema

In most of the cases, the timeframe in which one decides to retire is controlled by the factors that beyond the control of an individual.  This may include health issues related to a family member or the employer itself” said by a renowned retirement consultant.

Gear up for unexpected scenarios

What it means is to plan things to meet unexpected situations. Besides keeping the hope to work as long as you want, you should also work out some strategies to save you in times where odds are highly against you to work after retirement. There can be put forth many situations by life either related to health or financial breakdown. Your preparation for these scenarios should be well enough to cope with it.

Here are enclosed four points which you need to consider while planning for the future;

Keep yourself healthy is the key

According to a survey, a percentage of 41% was found of those people who retired earlier due to a health crisis or some disability out of all participants of the survey. You must keep a good check on your health by adopting healthy life habits so that you survive longer with sound health before retirement.

In short, if you are planning to keep working for long, then, you must be cautious about your health. So, that your plan to work longer can be reached easily.

Spread your network

You should stay in contact with people in your working environment and other professional personnel. It is considered a good career move at any stage of your employment. It helps you to grow as an individual while increasing the chances of your working plan as long as you want to work or need to.

Build a network with an aim to target people who can help you to get an employment after current job.

Always gear-up to hunt another job opportunities since jobs offer no guarantees about keeping you up with them.

These professional networks will not only help your nurturing but also will create new job environments for you if you could not carry it out at your current working place.

Drive up the mind to settle for a lower payment

It is quite hard to settle for work on the same payment grounds after retirement as you did during your career years.  If you are planning to work until the 70s then you may not receive the same salary as before. Prepare up your mind to settle for a lot less. 

Always keep your ego apart when making decision. Like if you was making $150,000 annually and now the highest offer is only for $70,000 annually. Snap this offer.

One way to get prepared mentally for financial cutout is to make your living before retirement on half of your total salary. This carries two benefits;

  1. You save up the rest money into your locker for retirement years.
  2. You do practice to live on less money in view of during retirement job.

Plan out for financial self-sufficiency

You should focus more on what will you need after retirement rather than calculating retirement years. Utilizing a retirement calculator will help you out to determine how much funds you need to save to protect you financially in the future.

Settling up for small sacrifices today can help you out tomorrow. One have to sacrifice a part of current spending, to get financial independence at an early age of your life. To decide how to plan for retirement years, check out the link complete retirement guide. And how to retire early to help you be financially independent.

You may also need to figure out housing locations to cut down the extra weight on a budget.

If you are living in the suburban area with typical large house, then it is not a best place for your fuel expense after your retire. You may have to consider to shift your living accommodation.

For that, you may consider to change your living space in early 50s or 60s to make it suitable with the current scenario of your life with an aim of paying less.

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