We all know that we need to save for retirement. We have company pensions, private pension plans and government old age pensions, but how do we know if it will be enough?
Is it even possible to plan so far into the future to determine how much you need? Sadly, many contribute towards retirement without planning, and will have to adapt their lifestyle according to whatever income they will get out in the end.
Isn’t it better to have the retirement income you want according to your lifestyle, instead of downgrading your lifestyle to your retirement income?
How do you plan?
Firstly, you need to know what kind of retirement you want to have.
Visualise how it will be.
Now that you know what kind of a retirement you want; you can start making plans with the help of your financial adviser. They can work out your projected salary when you retire and if there is any shortfall in your current contributions. Many calculate retirement based on 60-70 % of your current income.
Remember that when you retire, you should not have the expense of mortgage or car instalments, kids at university, commuting to work, or buying clothing for work.
If you do not plan properly, you might have to withdraw larger amounts from your retirement savings to live from, which could have you running out of money in a few years.
Your deVere Acuma adviser will be able to work out a comprehensive retirement plan that suits your individual lifestyle needs, so that you will not have to downgrade your lifestyle when you retire one day. [email protected]
Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere Acuma adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.
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