Preparing For One's Retirement

In a recent interview with Dr. Chuck Chakrapani, Gordon Pape, an investment writer, shared his thoughts on how to retire wealthy.
For many, to retire wealthy is nothing more than opening a time deposit account, depending on company and government pension plans, and simply enjoy these benefits by travelling around the world. But the reality is that (a) government plans are down; (b) pension plans do not dole out much cash upon your retirement; and (c) a time deposit does not earn much.

If you are a late bloomer, you need to take a higher degree of risk with your investments to achieve this level of retirement income and lifestyle. Take note, low rates will lower your chances of retiring wealthy. Therefore, if possible, allow your insurance plans, pension plans to mature after retirement and find new sources of income.

Pay for these monetary investments with the highest value you can.

(1) Use asset allocation -- use different types of investments; (2) Be careful in selecting your investments; (3) Don't self-speculate. Ask a professional, like a bank officer, financial planner or investment consultant on what are the best products to invest your money in; (4) Keep your costs within your limit; (5) Monitor your plan; (6) Borrowing against your investments isn't advisable.

You can retire wealthy if you have an insurance plan and by not relying on government and company pension plans.

Maximize government contributions, like Social Security and re-invest according to a solid plan. Additionally, be aware of tax obligations. Finally, become familiar with strategies to make your retirement funds last as long as you live.