Why is Preparing for Retirement Important?

There are two factors of retirement planning. We have Personal Planning and Financial Planning. Personal planning is crucial as it is the basis of your satisfaction with your lifestyle as a retiree. Financial planning on the other hand identifies the different sources of your income and expenses.

Personal Planning

This is the time to list down your plans when you retire. What might you be doing when you retire? Where do you see yourself spending the rest of your life? These types of Questions are important as they will be the basis for your financial goals.

Financial Planning

Will you have enough funds to provide the kind of retirement lifestyle you envision? Remember your income will likely come from three general sources: government pensions, employment-related sources and your own personal investments.

Your retirement will be more enjoyable when your retirement fund will fit your retirement lifestyle.

How do we ensure that we have enough for retirement? As you are aware, keeping money in the bank will only make very small amount of interest. It won’t even beat inflation rate.  So follow the steps below for your retirement plan.

1.       Get a life Insurance- get a free quotation from me.

2.       Increase Income flow.

3.       Limit expenses

4.       Save at least 3 months to 6 months equivalent of your monthly expense and keep it in the bank.

5.       Invest in Mutual Funds (equities and bonds), UITF.

6.       Invest more.

Never forget yourself. Start preparing for what is a head of you. Eventually your family like your kids will have their own families. let us accept the fact that the priority will no longer be "you" as their parent. No one will really take care of yourself other than your younger self. Thanks me later.

If you have questions and suggestions, please feel free to message me or leave a comment below.

For free insurance quotation, do not hesitate to contact me.