Retirement Planning is about managing your income so you can make the most of your retirement years. Your retirement plan should balance your needs, wants, and the reality of your finances.
There are 3 steps to a retirement plan:
- Set goals – a plan helps you set goals for retirement, taking into consideration the age when you want to stop working and your lifestyle.
- Know how much to save – It can help you figure out how much money you need to save to live comfortably in retirement.
- Choose what to invest in – a plan can guide your investment choices based on your goals and your risk tolerance.
How much you need to save depends on 4 factors:
- Your age – When you start saving makes a big difference in how much you need to put away. The younger you are when you start, the less money you have to put aside when considering the compounding factor.
- Your lifestyle – Do you plan to stay home or travel the world? The amount you’ll need to save will depend on the life you plan to live when you retire.
- Your income and financial obligations – You can’t decide how much to save unless you determine your income surplus considering your financial commitments as well as reserving part for unexpected emergencies.
- Government benefits – You could be entitled to government retirement benefits. If you’re eligible for income from these government programmes, you may not have put aside as much money.
For more information about our Wealth Management Services and Solutions please contact your Prestige account relationship manager or alternatively you can contact our call center on 800 1111 if you are not Prestige account holder .
To arrange for Individual financial planning review meeting with one of our Prestige Wealth Relationship Managers please call 4448 8385 or 4448 8429 or send an e-mail to email@example.com