In this modern world where people have short-term as well as long-term goals. One of the long-term goals almost everyone have is to have sufficient funds to spend during their retirement. We will discuss one of the ideal techniques used to tackle this problem.
How much do you want to spend in retirement?
The first question you should ask yourself is how much do you want to spend in retirement. Everyone have different plans for their retirement including spending time with their grandchildren, travelling etc. It often occurs that it is hard for you to decide what you plan to achieve from your retirement. iAdvice help you identify, assess and shape those goals. You can book a free phone consultation to get help in your goals by clicking icon below.
Develop a Budget considering your current position, expenses and timeframe
Although your goals during your retirement are important, they become realistic if you have sufficient funds in your savings. Secondly, you should consider your expenses and earnings and determine the amount you can save in a year. Lastly, you should consider the number of years you have until retirement. All these steps are essential for developing a realistic budget. The main area where people are unable to predict properly is the return they will get on their existing savings and predicting future income/expense rise which will affect your plan. To help you with these issues, you can book for a free appointment with iAdvice using the icon below:
Review regularly for any change in regulations
It is important for you to regularly review during both before and after retirement to understand if it will affect your spending plan during your retirement. For example, recent increase in the Age Pension Rate resulted in a lot of people experiencing a decrease in their Age Pension entitlement. This resulted in people using their investment money to spend during their retirement. To keep you informed about any regulations that will affect your spending plan, book now a free appointment with iAdvice using the icon below:
Want to know more?
To receive advice and help on your retirement planning and budgets, click this link to book a 15-minute discussion with an expert from iAdvice – the first discussion is at our cost and not yours. Alternatively, you can visit our website at www.iadvice.net.au , our Facebook or Twitter to reach us and retrieve further information on this topic. Willingness to help is our game at iAdvice.