As we approach retirement age, it is natural to start thinking about how to secure our retirement and make the most of our savings. Here are the 5 top tips if you’re approaching retirement.
Tip 1-Start early
To secure your retirement, the earlier you start saving, the more time you have to build up your savings and take advantage of compound investment returns.
Starting early also means you can afford to take a more balanced approach to investing and have more time to recover from market downturns.
Even if you have already started saving, there is always time to increase your contributions and take advantage of catch-up contributions.
Tip 2-Set a realistic retirement goal.
Setting a realistic retirement goal based on your expected retirement expenses is essential.
Consider your expected living expenses, healthcare costs, and any travel or other leisure activities you plan to enjoy in retirement.
You can use a retirement calculator to estimate your retirement needs and adjust your savings plan accordingly. Or, better still, speak to us about creating a lifetime cash flow forecast for your retirement expenditures!
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Tip: 3-Diversify your investments.
Diversification is critical to managing risk and ensuring that your investments are well-balanced.
Diversification means spreading your money across different asset classes, such as stocks, fixed-income securities, and property.
A well-diversified portfolio can help weather market downturns and ensure that your investments generate income throughout retirement.
Tip 4-Consider a phased retirement
Phased retirement can be a great way to ease into retirement and make your money last longer.
This might involve working part-time or consulting, which can supplement your retirement income and provide additional savings.
Phasing your retirement can also help you transition into retirement and stay active and engaged in your profession.
Tip 5-Stay flexible
Finally, it is essential to stay flexible and be willing to adjust your retirement plan as circumstances change.
Staying flexible might mean working longer than planned or adjusting your living expenses if your retirement savings do not meet your expected needs.
By staying flexible and open to new opportunities, you can ensure your retirement is financially secure and fulfilling.
What action to take
Following the Top 5 Tips if you’re approaching retirement may seem complex. By starting early, setting a realistic goal, diversifying your investments, considering phased retirement, and staying flexible, you can make your money last and enjoy a financially secure retirement.
Please plan your retirement before it’s too late. Please take action now by speaking to us so we can help you create a personalised retirement plan based on your unique goals and circumstances.
With the right plan, you can enjoy the retirement you deserve without worrying about running out of money.
Please contact us today to schedule a consultation and get started on the path to a secure retirement.
