Retirement account
Begin creating your retirement fund today with our selection of Individual Retirement Accounts. Retirement planning refers to the preparation for life after paid work has ended. This encompasses not just financial considerations, but also encompasses all aspects of life, such as lifestyle choices, such as how to occupy oneself in retirement, where to reside, and when to fully retire, among others. An all-encompassing approach to retirement planning takes all these elements into account.
How much do you need to retire
To retire comfortably, it is important to start planning early. The amount needed for retirement is unique to each individual, but general guidelines exist to give an estimate. The earlier you start, the more secure your retirement will be.
How much do you need to retire
The amount required for a comfortable retirement varies, with some suggesting around $1 million, others using the 80% rule (which means having enough to live on 80% of your pre-retirement income), and others stating that the average retiree falls short and needs to adjust their lifestyle. It's crucial to factor in all expenses, including housing, healthcare, food, clothing, transportation, entertainment, and travel, when determining your retirement savings goals. It's advisable to have a realistic estimate to avoid unexpected expenses in the future.
Key steps for retirement planning include:
- Creating a plan - determining your savings goal, starting and retiring dates, and the amount you want to save.
- Setting aside a specific amount each month - using automatic deductions helps you stay on track and reduces the temptation to forget or stop saving.
- Choosing appropriate accounts - consider investing in a term deposit or similar account if offered by your employer, taking advantage of any employer match, and having an emergency fund for unexpected expenses.
- Monitoring and adjusting investments - review and make necessary changes based on changes in your lifestyle or life stage.
- Finally, reach out to us when you are ready to take the next step.
