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Retirement Planning - Your BIG Holiday



You wake up one Monday morning with the sun streaming through your bedroom window and a cup of tea beside your bed. You glance at your clock. It's almost half past eight but your alarm hasn't gone off. You have a moment of panic. Why didn't anyone wake you? You're about to leap out of bed, then you relax, lie back and breathe a huge sigh of relief as you suddenly remember that this morning there's no need to rush. You aren't going to work today. You're on holiday. In fact you won't have to go to work ever again unless you choose to because this is the start of your BIG holiday - the holiday that will last for the rest of your life - your retirement!

As you sit up in bed and sip your tea you think about all the things you'll be able to do now that you've finally given up work. This afternoon you've arranged to play a round of golf with three of your friends. Then in a few days' time you and your other half are off on a luxury world cruise. It's a trip you've been promising yourselves for years but you could never find the time to take so many weeks off work.

You loved running your business, even although it was hard work. However, you're very glad that you've been able to achieve financial independence now, giving you the choice to stop working whilst you're still young enough to enjoy life and able to do all the things you want to do. You get out of bed and go over to the window to admire once again the beautiful, gleaming new car you've just bought with part of your tax-free cash from your pension, and you congratulate yourself on how great it is when a plan finally comes together!

Is this what retirement is going to be like for you? Have you planned it carefully, and are you reviewing your retirement plans on a regular basis? Many people spend more time planning their next two week break than they do planning their retirement - the longest holiday of their lives.

Just imagine running out of money part way through your holiday. How bad would that be? Think how much worse it would be if it happened part way through the longest holiday of your life. What could you do about it?

When you're planning any holiday you have to budget not only for the cost of the fares, the accommodation and the food, you also need to budget for spending money if you're really going to enjoy yourself. You need spending money on your BIG holiday too. How sad it would be to have the time to do all the things you don't have time for now but to be unable to afford to do them. Only when you're in a position of financial independence will you really be able to enjoy your BIG holiday.

So to plan for the financial freedom to enjoy your BIG holiday you need to decide:

  1. When is my BIG holiday going to start?
  2. How much money will I need?
  3. How much can I realistically afford to save each month?

You probably know the saying, "Failure to plan is planning to fail!" If you haven't already done so, consult an expert independent financial adviser and start planning now to make sure you have enough money to really enjoy your BIG holiday of a lifetime - your retirement.

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