Retirement can be a wonderful time -- if you have planned and prepared properly. If not, it can be a time of financial hardship and misery.
It is never too late to start planning and providing for retirement but the earlier you start the process, the better.
Once you have retired, your income will come solely from your investments, savings, pension fund and retirement annuities.
Your investment strategy will likely change. Where previously your focus may have been on more aggressive portfolios, now is a good time to speak to your Liberty Financial Adviser about moving into portfolios more directed towards capital preservation.
Monitor your portfolio and consult with your Financial Adviser regularly, to ensure your investments keep pace with inflation and your expected monthly income in retirement is kept as high as possible.
It is also vital to put in place an emergency savings plan so you do not have to dip into your capital when life throws up little obstacles.
As you grow older you will invariably need more medical treatment and you should, in good time, ensure your medical plan is the most comprehensive scheme you can afford.
Make sure your will is up-to-date and that the proper beneficiaries and trusts are in place. Get professional advice about estate planning, to ensure your beneficiaries receive maximum benefit.
Why it’s important to take control of your retirement planning