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The 3 P’s Of Retirement Planning

It’s always important that you look after your money and take your financial situation seriously. Especially when you factor in the idea of retirement. At some point, you’ll retire, and you need to have your life planned out when this happens.

The easiest way to plan for your retirement is to consider the three P’s; pension, property, and personal finances. If you’ve never heard of these ideas, then today is your lucky day. I’ll go through each P for you now, and explain its relevance and what you should consider.

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Pension

A pension is simply a type of financial retirement plan. The most common pension is known as a 401 k and is usually run by your employer. The idea of a pension is that you contribute money every month, and your contribution is either matched or bettered by the pension provider. If your pension is run by your employer, they’ll match it for you.

You can get independent pensions alongside your 401 k, which can help you generate even more money during your retirement. With a pension, you can’t withdraw any money until you reach a certain age. You also have government pensions that pay you a set amount every month during your retirement. Pensions are key for raising capital to use during your retirement years.

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Property

When you retire, there’s a lot of talk about properties. Are you going to continue living in your home now that you’ve retired? Or, are you going to move elsewhere to a place more suitable for your older years? If so, what will you do with your property? So many questions revolve around this, and you need to answer them all.

Some people choose to move home because they’ve finally got the freedom to go wherever they want. In the past, their job may have confined them to one place, when really they’ve dreamed of living elsewhere. People often move because they want to take a break from the world and live in a more relaxed environment. As such, there are loads of great mountain homes for sale that are perfect for retirees, along with some amazing lake houses and properties in the countryside. If you do move, you need to consider whether you’ll sell your old property or keep it. Some people like to sell to get that immediate influx of money, while others may rent it out to generate some form of income.

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Personal Finances

Now, you need to consider other aspects of your personal finances. Specifically; what savings have you made, do you have any investments you can cash in, and can you afford to survive? That last question is so important when planning your retirement, you need to figure out if you have enough money to pay your bills and still live comfortably. If not, you may have to look for ways to earn a part-time income when you retire.

Take all of this into account when planning your pension. It should help you understand how to fund your retirement, and where you’ll spend your life after work.

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