Planning and saving for retirement as early as now is not wishing that you’d lose your job; it’s actually a good thing, since you’ll never know what the future might bring. As the old saying goes, it’s better to come early and prepared, than come in late and clueless.
- Life expectancy due to health issues – if you think you’ll still live for the next few years after retirement, consider your annual expenses.
- Cash Inflow – Will there be other resources? Or will this be your money? Lump sums are pretty tempting, but always think long term.
- Family – Planning with the family is always best in these situations; do they know your plans? Make sure they do, so you can make the necessary adjustments, and you can discuss your options as a family, specifically when you’re talking about how to sustain each other.
- Plan B – Having a contingency plan is one of the best things you can have. If this doesn’t work, then what will? Closely related to the previous and succeeding items.
- Investment – Investing your money into something is always, ALWAYS a great idea, especially if you’re already retired. To make sure there is a continuous flow on cash, engage in a business deal, or become a small-time merchant. Put it in a bank. Be creative. Just remember to place your money where it would be productive.