Assess
what you already have by doing a complete analysis of your
retirement portfolio. Be as accurate as possible.
Determine
what your income needs will be after retirement. Certain
expenses will fall away, and some expenses will increase, such
as medical expenses. You will have more time to pursue hobbies
and leisure time activities and consequently more associated
expenses.
Start
a savings plan to make up the shortfall.
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How much is
enough? It
will depend on your personal circumstances. As a rule of thumb,
at retirement you will need 10 times your desired income in the
form of capital in order to provide the income you need.
The
retirement planning environment is a very complex one. Take
advantage of using the services of a competent adviser with whom
you can build a long term relationship.
Planning
for your retirement is a process rather an event. Your plan
should be flexible enough to take into account your changing
circumstances as well as relevant legislative changes.
Planning for
retirement is more than just financial planning. You
have to think about the physical and psychological aspects of
retirement, such as where to live, the safety aspect, retirement
villages and long-term care care. Do not leave these to fate or
your children to decide for you, one day.
Get out of
debt. Your
retirement should be as carefree. As far as possible, plan to be
debt free at retirement. Lump sums from retirement funds should
also be used to settle debts before investing to provide an
income. This is because the cost of debt will be higher than the
return you will earn on your capital.
Medical
expenses should be taken into consideration.
They tend to increase dramatically after retirement, as there is
a cost to maintaining an aging body.
Use
tax-advantaged investments such as employer-sponsored
retirement plans, IRAs, annuities, deferred compensation plans,
etc.
Structure your
portfolio according to your stage of life. It
is essential to structure your retirement portfolio according to
your personal risk profile. The younger you are, the more risk
tolerant you will be because your investments will have time to
recover from a market correction. Most people will need to
become more conservative in their investment approach as they
get closer to their retirement date.
Starting
early makes saving for retirement a much less painful
process. People who begin their saving for retirement at an
early age, investing a small amount each month, and increasing
it annually in line with inflation, will reach their retirement
goals without much trouble at all. This is the power of compound
interest.
