January 27, 2023

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What you need to know about your retirement provision

Retire young and retire rich: that is the goal of most people; and that was certainly my goal. Yes, it was my goal – something I used to want to achieve…but not anymore. And let me explain why.

retirement as a goal

Many people work hard on dreams of retiring to a comfortable life in the future.

For them, retirement is the time when they no longer have to work; and FINALLY being able to do the things they enjoy most — like spending time with loved ones, travelling, volunteering or maybe pursuing a passion.

If that’s how you see retirement then I wouldn’t blame you if you want to retire young and rich because who wouldn’t want that, right?

But here’s the thing.

When you wrap up retirement like this, it’s like waiting for the stars to align so you’ll be allowed to be happy – and until then you’ll just work miserably and daydream about the time when it will be moment will finally come.

Unpack your retirement

WHAT are the things you plan to do when you retire? Unpack your retirement goals, list them, and work on them INDIVIDUALLY.

Turn off your work phone and don’t check your email on the weekends so you can give your loved ones all the time you have. Save and invest for your travel budget and have a great trip every now and then.

Find a community you can help and volunteer at least once a month. Stop watching TV and reading gossip online; Instead, use your time to pursue a hobby or passion.

Whatever you want to do when you retire, there will surely be ways to achieve it sooner rather than later.

Dissolve the old notion of retirement

I used to wonder why most billionaires keep working when they have so much money in the bank.

Bill Gates became the richest person in the world for the first time in 1995, but is still active in various projects to this day. Oprah Winfrey became a billionaire in 2003; but she still works today and runs her own media network. JK Rowling became wealthier than the Queen of England when her Harry Potter books became a film franchise; but she continues to write novels until now.

Why are they still working and not just retiring? The reason, I suppose, is that they stopped believing in the old idea of ​​retirement, which was the packaged dream of finally being able to do whatever you want.

Instead, they have defined specific long-term goals that excite them—that give them PURPOSE and SENSE—and that’s why, even though they’ve already gotten rich, they choose to keep working.

The strategy remains the same

Find out what you want to do and have in life; then dedicate the time and energy to achieve those goals. Regardless of what those goals are, the basic financial strategy remains the same – spend less than you make and invest the difference regularly.

But instead of working towards that vague idea of ​​retirement, you’re now working towards having the financial resources to pursue the things that are specifically important to you – things that you love to do and that will keep you engaged beyond your retirement years want.

Fitz Villafuerte is a Registered Financial Planner of RFP Philippines. To learn more about personal financial planning, join the 99th RFP program in January 2023. For inquiries, email info@rfp.ph or text 0917-6248110.