It’s never too early to start planning for retirement. Transitioning from working to retirement takes careful planning and preparation. Planning ahead for your future will enable you to take control and feel at ease knowing that you are working towards an end goal. At Naicker & Associates, we can help you with strategic and financial planning with a disciplined approach to help you succeed.
Create a budget. Figuring out a budget for your expenses after you retire is the first step. Calculate how much income you will need to cover your monthly expenses, and then any additional costs such as travel. You may need to figure out ways to cut costs, or earn additional income during your retirement years.
Pay off your debts. Taking care of debts before you retire, is the best course of action. Make sure you are paying the lowest interest rate that you can. A professional can help you to manage your debt effectively.
Figure out your post-work monthly income. Apply for government benefits in plenty of time for retirement so that you do not delay in getting payment. Calculate your monthly income earnings from your benefits, pensions and converting savings into income. You may consider downsizing your home or liquidating some assets as well.
Savings. Prior to retiring, you will want to be diligently working on a savings plan with a financial planner. Reviewing your investment goals well in advance and making any adjustments can help you to have adequate savings for your future.
Insurance. You will want to review any insurance plans and adjust them according to your age and needs as you head into your twilight years. You may need less life insurance but more health insurance as you age.
Working with a financial planner well in advance of retirement will help you to feel secure in your future and also meet any future goals you have set for yourself and your family. If you need financial advice in Burnaby, your CPA at Naicker & Associates will be happy to review and work with you on your portfolio.