Retired and wired
Indeed, the nature of work will depend greatly on our health and well-being. But a growing body of research shows that continued work is linked to better physical health and cognitive functioning in older age, greater longevity even.1This means that work or active pursuits after retirement prove to be more beneficial than we’ve been traditionally made to believe. And with increasing advances in healthcare, the possibilities of post-retirement life are definitely something to be excited about.
According to Stanford behavioral economists, the first step to a successful retirement is being able to identify with that older person that you’ll one day be.2Strange but true, most of us fail to save for retirement because we do not identify with that older person in the future as ourselves. As a result, and naturally enough, we tend to choose immediate rewards at the expense of long-term ones. Therefore, a fulfilling retirement could be as simple as asking ourselves: ‘How would my future-self want to live?’ Look at ourselves instead of at the retirees and people we know around us, find a passion, and start planning for it.
Getting there
However ambitious your retirement dream may be, it’s never too early to invest in a plan that takes you there. Remember that financial plans for tomorrow start with today. Look at a debt consolidation loan for example, to help you reduce interest payments and redirect that money to your retirement chest instead. Investing is also less expensive if you’re starting decades ahead. Your Relationship Manager can help advise and find your best match portfolio generally consisting of mutual funds. You may also want to explore asset classes or put in additional savings to safeguard from health issues. Ultimately the idea is to embark on a wealth journey that puts you first today as much as it will tomorrow
Sources : 1 Oxford Academic, Work, Aging and Retirement Volume 4 Issue 1, January 2018. 2 American Marketing Association, Journal of Marketing Research: Increasing Saving Behavior Through Age-Progressed Renderings of the Future Self, November 2011.