The best financial challenges for a financially secure life following retirement is making your savings keep pace with inflation.
A Retirement Plan is a financial plan that takes into account your financial goals, current financial situation, and risk profile to outline an investment strategy.
It ensures that you have sufficient income after you retire. You can get the best retirement planning advice via Foxgrave Associates.
A comprehensive retirement plan factors in the following:
• Your current age
• When you should retire
• Your current household expenditure
• Lifestyle desired in retirement
• Yearly rise in cost or inflation
• The retirement corpus you will need
• The retirement income you will need
• The type of investments you need to make
• Your goals e.g. children's needs for higher education and marriage
• The tax implications of the investments
• Your housing needs
• Your life insurance and health insurance needs
It is never too late or too early to create a plan to start saving and investing to generate an income that allows you to enjoy a lifestyle. You are accustomed to even when there is no salary at the end of the month. In fact, to leverage the power of compounding, you must start saving and investing in a retirement plan as early as possible.
A professional retirement planner can help you define your dreams, develop a plan to help you realize those dreams, build for contingencies and monitor your progress along the way.