26 Jun 2020
Retirement is something that all of us face eventually, but it is surprising how many people follow the ostrich and stick their heads in the sand and hope all will be well. They have no idea what their retirement nest egg is worth and whether it will sustain them.
How can you plan for retirement if you have no idea what your income will be?
To be fully prepared for retirement, you need to take inventory of all your financial resources to realistically determine what your potential income could be.
• Balances of any company pensions accumulated over your working career
• Balances of any personal retirement pensions
• Balances of savings and investments
• What your government old age pension will be
• Income from a business or side-line hobby
• Any rental income – forbes.com
It is also important to look at your current living expenses and debt. This will determine how to pay off the debt and cut down on living expenses.
The most important aspect is to start your retirement planning early to give your pension pot time to grow.
Setting up a pre-retirement strategy with your deVere Acuma financial adviser will allow you to retire with the reassurance that you will be financially secure. [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.