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Creating Your Retirement Plan

April 10, 2012 | Comments: 0 | Views: 145

If you're looking to retire, then this article will help you plan for retirement by highlighting the common issues retirees face and providing you with guidance for creating your own retirement plan.

Step 1 - Goals

The first step towards creating your retirement plan, is to identify your retirement goals. For example:

  • Where will you be living?
  • How much income will you need to support your desired lifestyle in retirement?
  • Do you need to plan for any ad-hoc retirement expenses, such as a holiday?
  • Would you like to purchase any assets, such as a coat, caravan, or new car?
  • Do you intend to stay in the family home, or downsize?

You cannot develop an accurate retirement plan until you consider these issues, because each will dramatically impact when you can retire and how much money you'll need to meet your goals.

Step 2 - Calculate Your Retirement Position

Once you're clear on your goals, the next step is to calculate your likely retirement position at retirement and see if there's a gap. There are many online calculators that will help you identify how much money you'll have at retirement and how long it will last.

Step 3 - Get Advice

If there's a gap between your current situation and where you want to be, then you'll need to get expert advice on your options. The best way to do this is to get advice from a financial planner who specialises in retirement planning. A retirement planning specialist can more accurately project your likely retirement position to identify if you'll have enough money to meet your retirement goals.

Then, they can provide you with different options and help you develop a retirement plan to reduce any gap between your current and desired situation. The more time you have to plan your retirement, the bigger the impact you can have on your retirement savings. That's why it's important to start planning your retirement several years before you're ready.

A retirement planning specialist can also:

  • Calculate and maximise your eligibility to the age pension
  • Calculate how long your money will last
  • Provide options for converting your superannuation to a pension
  • Minimise your tax at retirement (leaving more money to meet your goals)
  • Match your investments with your goals and tolerance to investment risk

Step 4 - Review Your Retirement Plan

As you approach retirement, you should review your retirement plan to ensure you are on-track to meet your goals. Minor adjustments may be required each year, or your goals may change.

Likewise, after you retire, you will need to monitor your situation to take into account changes in your income needs, health, assets, investment movements and legislative changes to ensure your plan continues to meet your needs.

A quality advice firm will offer you ongoing service to monitor your situation and keep you up-to-date on the latest market movements and legislative changes that may impact your plan.

Tyron Cleine is a Certified Financial Planner and the founder Find A Financial Planner, a 100% FREE matching service that matches consumers with a local financial planner who can help you create a retirement plan. Visit our website to conduct a FREE search today.

Source: EzineArticles
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