With the global drive to get healthy, eat healthy and the advances in medicine, you stand a good chance of living for a long time, which makes existing on a fixed income all the more challenging. Now is always a good time to take stock and reassess your planned retirement.
Spend some time with an expert
When it comes to planning for retirement, you should enlist the best advice you can get. Putting together a solid financial plan takes some work and once done needs to be translated into easy to follow steps.
Contact us for expert advice
Decide how do you want to live
It is difficult to put a figure on paper that covers your all financial needs as you begin your journey into retirement. Obviously, the goal is to be able to live comfortably so it is not just about saving a percentage of your income or smart investments. You will also need to plan to have cleared your debt before the last pay-check , amongst other things.
Don’t cash it in
When you change jobs the temptation is great to spend some of the built up retirement funds rather than keeping the capital untouched. Your temporary relief or fun had when cashing in will certainly cost you later. You will also have to pay the Taxman.
Keep looking for ways to save
It is all good and well saying that you need to save xx.xx% of your monthly salary but it tends to be somewhat smaller in reality. Actively looks for ways to reduce the overheads and expenses on a daily basis – As the British say “a penny saved is a pound earned” – which really makes sense when you are planning to save that penny plus interest for retirement.