An effective retirement plan entails saving money, creating a plan on how to spend the money and setting aside premiums for insurance. The retirement should not be uptight. It should be flexible has to space for spending savings that have accumulated over the years and also support an individual’s daily needs that require hours of exploring the little pleasures of life and fun.
Many people are caught in a never-ending cycle of saving money. This habit usually proves difficult to break among some people. On the onset setting aside a few shillings for the future proves to be a daunting task. But once the habit takes root with someone, it becomes routine, and then they are unable to break it.
People who have accumulated a fortune find it very hard to spend some of their savings because they are already used to a life that is not extravagant. But one thing people who have retired need to know is that it’s very okay to spend your money after years of working hard to accumulate it.
Even though most people tend to buy into the fallacy that most Americans do not have savings when they are nearing retirement, but nothing could be further from the truth. Most Americans manage to save small fortunes for the rainy days.
One of the many ways of ensuring that you leave a substantial amount of savings is overcoming the allure of specialty coffee in your favorite coffee shop and instead contend with a home-brewed alternative.
Sacrificing cups of coffee at a local coffee shop in exchange for drinking brewed coffee in their kitchens is only one of the many ways to save money. Of course, luck also plays its role in the lives of many people who are trying to save money for their retirement years. Savvy investors need to have a certain amount of luck to realize their goals.
According to one of the finest business leaders in the field of Insurance and financial services, one should not be so hard on themselves when it comes to enjoying the fruits of the labor in retirement.
David Giertz is one of the few business executives who’ve had a decorated career in the financial services industry. With the experience that spans over three decades, the President of Nationwide Financial Sales and Distribution is a role model to many.