Thursday, 5 September 2013

Start Thinking About It.

As a recovering, self-diagnosed compulsive shopper, I decided to take up money management classes. However, I wasn't really planning on paying much attention this week, since class was all about retirement. I couldn't care less about something that's roughly 30 years away.

While I was doodling away on my notebook during class, I received an activity sheet to fill in. The first task was to list some things I wanted to do once I've retired, and how much those activities would cost (excluding inflation). The next question was whether or not I should include those activities into my savings goals.

Duh, of course I should add those on! How else would I manage to afford them when I retire? And then that got me thinking... how much exactly would I need for all of these activities in the unlikely event that I retired at 65, and lived up to, say, 85?

Holy cow. How much??? But wait, I haven't even included how much I'd need for basic living expenses!

I felt slightly woozy and I started to sweat. If my favourite bread costs about $4 now, how much would it be by the time I retire? And if I want it every week for the next 20-odd years post-retirement, how much money would I need just for bread?

It may be boring subject, but it might be a good idea to start thinking about those retirement funds even if retirement is decades away.

Sept. 5 Blogtember topic: Pass on some useful advice or information you learned and always remembered. Ok, I may have cheated on this one, but Jenni did say it was open to interpretation!

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1 comment:

  1. No joke...the thought of retirement...while so appealing is completely frightening as well!