How much will I need to live comfortably in retirement? Most people would like to retire on the equivalent of 40% to 75% of their incomes, depending on your personal goals and the lifestyle you wish to maintain during your retirement years.
How can I achieve my goals when I am retired? Too often advisors focus on the 'how much' question and forget that people still have goals and aspirations when they retire. There needs to be more what, when, where questioning.
To save enough for retirement how much should I be investing? The younger you are the easier this will be to achieve...but it's never too late! Your financial advisor will calculate how much you need for living and for your goals in retirement.
Where will my income come from when I'm no longer working? Various sources of income could be rentals, bonds, interest and even the drawdown of capital. This will all depend on your circumstances.
What sort of investments should I be making to achieve my ideal retirement figure? There are plans such as the 401k in the USA and KiwiSaver scheme in New Zealand that are a good start for anyone. Then or course there are other retirement investment accounts that your financial advisor can recommend. Remember that many things you do during your life will help you to get to your end goal. Follow your plan.
What if I wanted to retire early, can I do it? Your financial planner will ask when you plan to retire and design the plan around this goal. They will also let you know if it is possible and what you need to do to accomplish this.
What fees will I pay? This will include any plan fees but find out also if there are any commissions paid to the advisor that will affect your investment returns. It is best to pay a plan fee and know what you are liable for.
The answers to any of these questions about retirement planning will depend on your particular circumstances and the assessment done by your financial advisor. Ask the questions and follow your plan.
Lyn Bell has been in the finance industry for more than 30 years and is a Certified Financial Planner. She has helped many clients achieve their financial goals. Sign up to get Lyn's free newsletter SoundFinance News and receive a free gift.
Please note this article does not contain specific advice and is for information/education purposes.
A disclosure statement is available free on request.
No comments:
Post a Comment