William Schantz: 3 Key Tips to Consider When Preparing for Retirement

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Retirement always seems easy and fun – most of us can’t wait to retire so we can finally get time off from our stressful work routine and take some time out for ourselves. However, that’s not the case for everyone. While most people believe life after retirement is fun and relaxing, they tend to forget that this is only possible if you work hard during your employment years. If you don’t, your life after retirement can be much more challenging and stressful.

This is why William Schantz always recommends people to be more careful about retirement planning and think things through ahead of time. You can only have a financially stable life after retirement if you start preparing for it early. Always remember, it’s never too late to start preparing for retirement.

However, most people are unsure about where to begin – if you are one of them, here are a few tips to get you started on your retirement plan.

3 Tips to Help you Prepare for Retirement by Schantz

1.      Work on a Retirement Plan

Many people take retirement for granted and don’t give it enough significance, resulting in them suffering financially in the later years of their lives. Hence, William Schantz says the best solution to this problem is to make a detailed retirement plan early on in your career. This doesn’t only mean you need to think about retirement, but a retirement plan is a solid plan which includes significant measures you have to take to secure your future.

Consider your current income and analyze your expenses to see how much you can save and how much you can invest. Using this information, come up with a plan that shows your financial standing in the next few years. Set quarterly targets and try to meet them one by one.

2.      Save, Save, and Save!

You cannot do good financially if you don’t have a habit of saving. To make sure you live a comfortable life in the later years, start saving early. Look into saving and investment opportunities, look into investment accounts, and set aside a certain amount every month. Look at ways to grow your money instead of keeping a stagnant amount in your bank account. Don’t wait till you can start saving; eliminate your expenses and see how much you can put aside each year.

3.      Get Rid of Debts and Loans

One crucial piece of advice that Schantz gives everyone is that you need to get rid of your debts and loans as soon as possible. We know it’s not easy for everyone, but look into insurance opportunities and try to grow your money through compounding to make enough to get rid of your loans and debts. But never enter retirement with debts to pay off. This won’t only affect you but can also become a burden for your family, who are directly dependent on you right now – or people you will be directly reliant on after retirement.

Schantz: Start Preparing for Retirement Today  

There is no doubt that you will also retire one day, but why not make sure it doesn’t come with additional stresses and challenges? You can easily make your life after retirement fun and relaxing by working a little harder while still young asserts William Schantz. So without wasting any more time, use these tips and start preparing for retirement today!