Will you be able to retire?
What will happen if you do not receive a paycheck or any income from your business? Will you be able to maintain your standard of living?
The most important decision to make is to start saving and investing for your retirement. You can maintain your standard of living in your retirement years by planning for your retirement today. It will be possible to have enough money to afford the lifestyle you are used to.
The best time to start is now, you should start early and save every month. The reason for you to start sooner than later is the sooner you begin saving, the more time your money has to grow. With the help of a financial adviser, we can show you the growth value.
A financial adviser is also available to show you the most suitable investment options and help you set realistic goals and craft a plan to achieve them and assist to stick to your plan.
There are different investment options available through retirement annuities in which you can grow your retirement money in a disciplined way while benefiting from tax incentives. You will have a minimum investment amount with a chosen investment period. You would be able to deduct the money you invest from tax and enjoy tax-free growth.
Signs that indicate you will be ready to retire:
- Your income needs to be able to support the lifestyle you want
- If you have family financial responsibilities or substantial outstanding debts, consider postponing retirement
- Make sure your portfolio is updated
- If you have a spouse or partner, coordinate your retirement plans
The bottom line is it can be a mistake to retire too early which could lead that you do not enjoy your retirement. No one wants to be forced to re-enter the workforce because of financial difficulties.
You should take the time to plan carefully so that you make the right decisions for your retirement. Always make use of a financial adviser as they have the knowledge to give you the right advice.