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Retirement Planning

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Most people forget to plan for their retirement. Similar to insurance, many people think of these issues as a pain purchase. Unfortunately, we have very little choice in the matter of retirement planning. We will have to retire eventually. You don't want to be 'burning the midnight oil' when you are 60 years old. So you need to start thinking about it sooner, rather than later and ensure a sound pension plan is in place.

"How much money do I need to retire?", is the question everybody wonders about regarding retirement calculations. The right answer is down to lifestyle and how much you need in terms of retirement savings and retirement income to service that lifestyle. If you need R500 000 per year to live, then the amount of money you need to retire is far greater than if you need R250 000 per year to live. If you only need R120 000 per year, then you will obviously need far less money.

Whatever your situation, proper retirement planning is incredibly important and we all need to consider our options carefully. The sooner you get started, the better. Well considered investment opportunities could make your retirement planning much easier. If you have an investment that is growing and delivering steady dividends, which you then reinvest, your pension will ultimately be a adequate lump sum of pension savings that you can then use to pay off your house or whatever else may be important for you.

Keep in mind that proper investment and retirement advice will assist you in weighing up risk vs. return. Generally speaking higher return will require higher the risk. This may not always be a viable option for you. So, consider your options well and remember to always research financial decisions well.

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