Having a happy and fun retirement is achievable whatever your financial situation is – but only if you start planning early enough. By taking 15 minutes to create a simple retirement plan, you can easily reach your retirement goals.
Retirement should be an enjoyable and fulfilling time in our lives. After working so hard, it’s only fair that you get to put your feet up and enjoy doing whatever you want. Whether you want to travel the world, take up new hobbies or spend quality time with your families and friends, the world’s your oyster.
The only downside to retirement is that it’s a lot like taking an extended period of unpaid leave. For many of us, going from earning a regular salary to living on a much smaller fixed amount isn’t an easy adjustment to make. The question you need to ask yourself is, will you be able to afford to do all the things you want in your retirement?
If you think you’ll be “sweet” because you have a KiwiSaver fund, then think again. While your KiwiSaver contributions will go some way towards funding your retirement, unfortunately it will not be enough. Also as our Government faces increasing pressures from our aging population, there is a chance that New Zealand’s Superannuation Scheme may be cut in the future or not available at all. The stark reality is that putting something aside for old age has become an unavoidable necessity.
As life expectancy rises, many of us can expect 45 years in employment followed by 25 years of retirement, possibly living on until we’re in our nineties. So how can you make sure you’re not left struggling financially for possibly three whole decades? You need a plan and the earlier you get one in place, the greater chance you’ll have of achieving your kind of retirement.
Creating a retirement plan may seem like hard work, yet it doesn’t have to be. A good place to start is at the end, with your destination. What sort of lifestyle do you want? What goals do you want to achieve? Unless you know what you want your retirement to look like, you’ll never know how much money you’ll need to fund it.
At Foresight Financial Planning, we have the latest retirement planning software which can help you create a personalised plan in as little as 15 minutes. Using this software, we’ll help you set some goals and will work backwards to find the best ways to fund your retirement, which fit within your lifestyle. We can also plan for different scenarios and update your plan as your circumstances change over time, so you’ll always know how you’re tracking.
You deserve to enjoy the kind of retirement you want. If you’d like to take a few minutes to put our retirement software to the test, then give us a call.
A free disclosure statement is available on request.
Foresight Financial Planning received HighlyCommended in the New Business Excellence category in the Taranaki Business Awards 2013.