Retirement planning isn’t just about computing the right amount to save — it’s also about finding the right place to invest it.
There is a lot of material on the internet about why you should plan your retirement planning. To avoid repetition, the one thing we would say is whether you are prepared for retirement or not; it is unavoidable; there will be a time in your life when you will say enough is enough and quit work. With increasing longevity, you will have a big chunk of no-salary time which may be equal to your working life!
You would need a reliable income to live the life you want. Everything boils down to the right amount of cash in your bank account and at the right time. If you have a good income, you have everything, whether it is today or in retirement. Generating that income requires discipline and commitment, systemize your retirement savings and let the money quietly working for you in the background, no matter what is happening in your life or the world.
Designing a prudent investment plan today, writing it down, implementing it and maintaining it are the critical factors to a financially rewarding retirement portfolio that will generate the income you need later, whenever that is.
While saving for retirement is non-negotiable, retirement is also so much more than what retirement income you will have because your plans will affect your family’s lives, as well. Maybe you are planning for a retirement home in an exotic country. However, your grown-up children want you to stay and help with the grandkids. Perhaps you want to buy a Harley Davidson and roam around the country, but your daughter wants help with seed money for her business. Retirement planning is not easy, but once done carefully and holistically considering different scenarios, it can be gratifying.
A good financial adviser can help you think holistically.
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