How To Retire Comfortably
Are you planning to retire within the next few years? Then it’s time to initiate certain actions to ensure a secure and financially stable retirement whilst enjoying life. You need to start by reviewing your finances to ensure your future income will allow you to enjoy the lifestyle you want. Your preliminary decisions of planning ahead will allow you to be more equipped to handle retirement in a successful and enjoyable manner.
To help build a solid retirement plan, Westgroup Financial Management Inc. has explained a few steps you need to follow. Keep reading to see what they are and how you can use them when developing your retirement goals.
1. Start planning early
A key part of retirement planning is early planning. Once you retire, you will no longer receive a salary or earn regular income. And to sustain your daily expenses and live your golden years, you will need a financial backup. The only difference in life post-retirement is that you continue living, but you might not have a fixed flow of income. And in order to remain independent, you need to save and invest for your future now.
2. Outline your goals
Before you can set your goals for how much you want to live on in retirement or how much you would like to save, you need to know how much you need to live on today; how much you need or want to spend to have a comfortable life. Know that there are several steps that go into retirement goal planning, including determining sources of income, creating retirement savings programs, estimating potential retirement expenses, and managing risk and current and future assets.
3. Understand your time horizon; more time equals more growth
Time horizon can also be your timeframe for achieving a financial goal; here, it’s your retirement planning. To determine your own time horizon for retirement, ask yourself two key questions, how old am I now? How old do I want to be when I retire? Qualified retirement plans, pensions, and annuities are designed for long-term savings. The earlier these assets are established, the longer their time horizon and growth potential.
Find a financial expert who can help you set reasonable timeframes for your goals and navigate your options.
If you need help with your retirement planning, reach out to Westgroup Financial Management Inc. We are leading financial planning consultants in South Surrey, BC. We have financial planning expertise, and we specialize in finding the best solutions to meet your financial needs. We have built our business around integrity and honesty, focusing on changing financial paths for the better.
We serve clients across South Surrey, White Rock, Delta, Vancouver, West Vancouver, North Vancouver, New Westminster, Coquitlam, Burnaby, Langley, Chilliwack, Port Coquitlam, Port Moody, Mission, Abbotsford, Pitt Meadows, Maple Ridge, Squamish, Whistler, Victoria, Nanaimo, Kelowna, Penticton and Kamloops, BC.