It’s all well and good living in the here and now. But as a father, sometimes you have to take a step back and think about what life is going to be like in the future.
Once my stint in the corporate world comes to an end, what lies in store for my family and me? As a corporate dad, we all know too well how quick time escapes us. We may already be conscious by how quick 2016 seems to have gone. Which is why I think it’s so important to take some time out to contemplate the future. What plans we want to have in place? What we may like to do with the extra time we have when our kids are grown up, and we retire?
I don’t want to think about it but I have to. Tomorrow is coming faster than ever and it’s an uncertain one.
With that in mind, I thought I would share with you some of the things you can consider today; that will better prepare you for the future. I hope it inspires you to put some thought into it yourself.
What could you do with your time?
Retirement doesn’t need to be spent sat in your favourite armchair watching antiques roadshow. This is the perfect opportunity to see the world. I’ve not been a traveller but maybe I’ll tick destinations and experiences off my bucket list, and enjoy the later years. At this stage, your children may have grown up and started their own families. There is a lot to be enjoyed. It could also be the perfect opportunity to enjoy hobbies you haven’t had much time for. Like getting a few rounds of golf played (I love it!), or starting something new a different sport or interest. The choice is yours. Often, I think it’s nice to contemplate how you will spend those years. It makes all the hard work in your career all the more worthwhile.
Who’s going to pay for it all?
It’s important to remember that once we hit retirement, our monthly wage stops there. Of course, we have a government pension but what’s going to be worth even with auto-enrolment. We may even have been fortunate enough to have paid extra into the workplace pension that has just launched. But what else? You may have become accustomed to a certain lifestyle that you won’t want to lose when you retire from work. This is why it’s important to create some foundation to how you will finance yourself in the future. This might be regular savings you make each week or month. Perhaps investing in a property that has become the family home. Hopefully, if you time it right, any mortgage payment will be completed and paid off by the time you retire. Leaving you debt free which is always a nice prospect. You may want to advance on that and try and create further income by renting out additional properties you own. However, for many, they prefer to set up separate pensions that are a little more lucrative. You can find out more about your options by clicking here.
Have you got a will in place?
It’s not a nice subject to discuss, but at some point, life comes to an end. We all hope for a long and prosperous life with our families. However, at whatever point that time will come, it’s important to ensure you have all your ducks in a row. One way of doing that is to have a will in place. This ensures you have taken care of any money you have, assets and your final wishes. As a father, it’s nice to have the peace of mind that you have taken care of your family. If you haven’t got something in place, and you want to know more you can click here.
Need to let you know about the corporate me that thinks about my future and that of my family. It’s important to look forward and don’t forget those left decisions that will secure it.