Do you ever think about how you going to retire? Before this I read a statistic report shows that most of the people in the world are over confidence on their retirement. So what does it mean? That’s mean people don’t think and plan for their retirement. Retirement is one of the most basic questions you should ask in financial planning. Of course, your investment and income will have some significant effects on this result.

However, other than that, there are still several factors that will affect how you going to retire. Below is part 1 of the list:

1. Parents

Our parent is the one who take care of us since we born. They can take care of our education, health and other factors. Even mindset, most of the time, a child will inherit from parent. So parent will determine a lot of factors in our life until our retirement. So below is some of the influence from our parents:

1. Education - knowledge will determine how well we can make in our working age.
2. Heritage - one of the greatest assets from parents.
3. Mindset - Whether parents teach us how to save, invest or how to spend and etc

2. Income

The highest income or the more money you make when you are young will give significant impacts on your retirement. However, it does not mean that if your income is high your retirement will be better than others. It still depends on how to plan and manage your money and finally build up an ideal retire life. But one thing I can sure is, most of us wish to maintain the standard of our lifestyle after retire. So if you come from the group with higher income and higher standard of lifestyle, then you must prepare yourself and do more for you retirement.

3. House

Your house, although most of the time it will make us spend a lot of money on it and become one of the greatest liabilities to us, however, we still need a house to stay now or after retiring. So you must decide and plan now where and what kind of house you want to stay. Of course, choosing a dream house for your retirement is great. However, on the other side, you have to pay more for the house. You must consider that you will be going to take care all the expenses such as maintenance, taxes and monthly installment if you get a mortgage for your house. So you must plan well how much you going to spend for your house after retiring.

4. Family

I heard a lot of stories about how parents sacrifice for their children and I also understand that most of the sacrifices are expenses. According to one survey, the average fees to bring up a child to 17 years old is $1840000 and this rate is going up years after years. Besides that, you may consider other expenses such as preparing some education fund for them to study. So you must plan further if you still need to take care your family after your retirement.

To be continue………

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