Retirement may seem a far-off event, and planning for it can pose a challenge when life’s more immediate priorities demand your hard-earned cash. Add to that the impact of inflation on your accumulated savings, and what you have managed to save by the time you retire will not have the same spending power then as it does today. The reality is that most individuals are not planning adequately for their retirement, especially as people are living longer and could spend as much as half of their life in retirement.
RETIREMENT PLANNING BASICS
Retirement planning involves looking at a number of different factors to ensure you’re able to live out your golden years exactly as you want. There are a few key questions you should be asking:
- How much money do I need to save for retirement?
- When can I retire based on my current financial situation?
- How long does my retirement nest need to last?
- What is the inflation rate?
HOW IPPFA APPROACHES RETIREMENT PLANNING
Your IPPFA Adviser will sit down with you and assess your current financial status, taking into account the passive income generated from your other investments and the kind of lifestyle that you want to lead in your golden years, and will recommend a plan to ensure that you stay on track to meeting retirement goals.
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