Prepare a Retirement Income Plan
If you haven’t got the time or resources to do it until now, it’s never too late to create an income plan that works on the long run. Honestly, the only two things you need to make it happen is a pen and paper.
First, write down each of your sources of income (and how much you get from each of them). Then, write your cash outflows (your main expenses that may come up in the future). Creating this balance gives you a better sense of perspective and helps you see things clearly. Can you make it with your current cash inflows? Is there anything you can do to reduce your expenses? The answers are right there.
