According to a study, only a quarter of people retiring feel confident that they have saved enough. Are you part of the minority?
It’s a general fact that most are not saving enough for retirement, and inflation, rising cost of living and global economic instability, are shrinking retirement savings even more.
To avoid becoming a statistic, it is vital that you set up a review with your financial advisor, so you know exactly where you are headed with your retirement savings. It is important that you know the kind of lifestyle you want and the expenses that your retirement will incur monthly. Not just normal monthly expenses, but the unforeseen expenses that always creep in.
• Reverse engineer your retirement. Make a retirement budget for yourself based on your current lifestyle less major expenses that you currently have, like a mortgage payment that is usually paid off by retirement.
• Just because you are retired does not mean you no longer need to save.
• Don’t forget the retirement expenses of renovations, new car purchase etc. Although these are once off payments, it still comes out of your retirement savings, unless you have separate savings for that.
• Your international tax commitments.
• Yearly expenses like property taxes, vehicle licensing membership fees etc.
• What about vacations and trips? Will the money come out of your monthly allowance or from savings?
• Also possible medical procedures or expenses.
A private pension plan could significantly boost your retirement savings portfolio along with other diversified investment options. Chat to your deVere advisor today to ensure you are in the 25% of people who will be financially confident in their retirement. [email protected]
Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere 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.