Jude Offiah has seen far too many people poorly plan and execute their retirement, causing difficulties later in life that can be hard to overcome. As a result, he suggests various financial steps that he, as an investment adviser, has helped many of his most successful clients do over the years.
Retirement Planning Steps Jude Offiah Suggests Each Individual Take
The first thing that Jude Offiah thinks people must take when planning retirement is fully understanding the range of their financial situation. Suppose you have stocks, bonds, and other types of high-quality investments. In that case, Jude Offiah suggests sitting down with a financial adviser and going over all of these elements to identify those that need to be improved or enhanced in any way for your needs.
For instance, Jude Offiah suggests paying attention to how your stocks are growing, the ways they are likely to develop, and how you can utilize this cash with your savings to fund your retirement. Striking a good balance here is challenging, Jude Offiah says, because too many people are cautious and don’t consider the dangers of inflation and how it will affect their eventual retirement plan.
Inflation is a genuine concern, Jude Offiah says, because it will potentially tie up your retirement money and make it worth less by decreasing the value of money. Take into account how much differences 30 years can make in monetary value. Fifty years ago, people could retire on $500,000 with ease. These days, that much money is worth less and may not be suitable for long-term retirement.
So make sure that you plan to have more money than you think you’ll need, Jude Offiah says because it will end up being worth less than you think. And make sure that you understand how much money you’re going to be paying upfront during retirement and what kinds of debts you should eliminate. Jude Offiah suggests paying off credit cards and loans right away to decrease your potential debt payments.
Beyond this step, Jude Offiah also suggests understanding the lifestyle that you want to live. Are you going to be traveling a lot after your retirement? Then you may want to invest in items that cut back on this cost. For instance, Jude Offiah suggests selling your vehicles and home if you’re going to travel and buying a large and comfortable trailer that you can live and travel in as you age.
This option is excellent for those who plan on being snowbirds, Jude Offiah says, because they can park their trailer somewhere warm in the winter and then somewhere back home during the summer. This step helps to compress your house and vehicle bills into one package. However, this choice is not wise for those who want to settle down and should only be done if you’re going to travel a lot as you age.