What are the challenges of retirement planning and how can financial advisers help navigate the process?
Planning your finances for retirement can be a daunting time. Not only is it challenging to approach retirement planning as a pre-retiree, but it is equally challenging to sustain and grow your finances as a post-retiree. Given these complexities, it is never too early to start planning for the retirement that you really want.
This is where a financial adviser can help. With years of experience in financial planning and investment knowledge, financial advisers can ensure that your assets are invested efficiently for a comfortable retirement.
But why is retirement planning so important to start early-on? Here are some reasons:
Many people dream of using a part of their savings to travel the world after retirement. But with a stop to income through work, a comfortable and enjoyable retirement is only guaranteed if your finances are planned properly. Financial advisers can help you plan your retirement to ensure maximum savings pre retirement and a steady income post and throughout your retirement years.
The average life expectancy of people is rising continually. Although this is great news in regards to overall health improvements, it does risk not having sufficient money to sustain yourself throughout these years. Financial advisers can help you navigate your finances to ensure a comfortable and enjoyable lifestyle for your entire lifespan.
Your health is important. Many people suffer from stress-induced illnesses that worsen with age. Post-retirement healthcare costs can be stressful too. It is important to ensure a stress-free retirement, which can only happen if your retirement income is sufficient for a comfortable lifestyle. Financial advisers can help you navigate through these concerns and provide a customised and holistic plan that not only optimises your finances, but also gives you the opportunity to kick back, relax and focus on your health.
Family is family. Even though you may be retired and your children are independent and self-sufficient adults, you never know when duty as a parent or grandparent may call! A common dream for many retirees is to lend a helping hand to their children or even contribute to tuition fees for their grandchildren. Financial advisers can help you plan your finances to not just support yourself, but also be there for your family for as long as you desire.
Taxes can seem never-ending. A big concern for many retirees is navigating through taxes post retirement and losing out on a substantial amount of their income. Financial advisers can help you diversify and customise your income options to ensure you save as much as possible for retirement. Remember; it’s important to plan now for a better future!
Retirement is not always voluntary. Sometimes, people are suddenly laid off or have to quit abruptly due to personal hardships. If such a situation were to arise, having a good financial plan in place will ensure a smooth transition to retirement regardless of your difficult circumstances.
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