Retirement

…I wish!

No, I’m not retiring, nor will I be for the next 30 to 40 years. However, I witnessed four individuals honored for their service to city government as they plan to retire today, and the whole idea of retirement just reeled me in.

Retirement seems so unattainable to me right now.

But, what if it isn’t?

I’m not saying, “I hate  my job, can I please just retire!?”

No. I am simply just wanting to learn all that I can so that my future can be secure (or as secure as I can make it).

Normally, this time of the year, once my direct deposit slips into my bank account, I am already shopping until I can’t shop anymore. Though I am in my twenties, here I am, researching and reading articles on retirement.

Through my research, I came up with a few “what I should start thinking of” list… I know it’ll be a long journey until retirement, but here is what I can do so I can actually enjoy it:

  1. Start to live as I have a lower salary. OK… I earn significantly less than my colleagues in the same position, but, heck, I think everyone should practice this. Not only is this a good way to save money, but, it is good preparation for any instances where your financial situation may go south.
  2. If time (and life) permits, obtain a part-time job, even just for a bit. Ever since I was in high school, I held multiple jobs. Actually, the past three years in my current employment, is the only time in my career where I have not held part-time jobs. It was hectic, chaotic even, to juggle, especially while I was working toward two Bachelor’s degrees, but, I got through it, and it helped me financially. I feel as if I was more financially stable with all those part-time jobs (hourly, lower wages) as opposed to how I am doing now with one full-time position (salary), however, if we worked hourly, laaawd, I’d be singing a different, happier tune!  Anyway! If I held three part time jobs, I would put one paycheck into my savings, use the other for school and essentials, and the other, I would halve it into both pots.
    I have a coworker (another office, but, same division) who works full-time in the City and works part-time (remotely) with a marketing firm, and also holds another part-time retail position. How he has time to sleep, go out, workout, and still look fashionable is beyond me, but, we are the same age with similar career and education backgrounds. His lifestyle is lavish and he works for it. What I learned from him is: It can be done, it can be done well without compromising your life, and it should be done when you have the time and energy to expend.Please note to be open with your current employer(s) and be sure to have the agreement in writing, because your boss is human. (S)He may forget or upon being informed, may rethink of having a set policy against holding another job while employed in that job (rare, but not unheard of, trust me).
  3. Plan your home for the long run. What do I mean by that? Well, I (personally) believe that people should strive to purchase a home as opposed to renting. Living in Hawaii with parents that own their own real estate company has taught me that you can make your home work for you. Gone are the days where residential homes and neighborhoods were for, well, residents. Now, you see mixed-uses in neighborhoods all around. My parents’ offices run out of neighborhoods with homes and from homes (that they don’t live in but use it as an office, though it is a home). You can be like them, and use it to run a business, or you can utilize your home for renting, leasing, or adding more units if there is space to build.
  4. Get a Financial Planner and make a plan. I am actually scared shitless about this part that I know I have to buckle down and really lock down. I have a plan, but, I don’t know if it is any good if no professional has reviewed it or assisted. All I know is: I make money. I expend money. I better be tracking that down! I better know what I will do if I stop making money. Do I have a rainy day fund? All these and more can be answered (or help to answer these questions in the future) when you are continuously planning (and planning well) for your finances and future.

Certainly, there is more. However, I just wanted to share what I am going to start helping myself so I won’t have to worry about retirement when I should be chillaxin’ until I retire.

rc.

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