Before we get into retirement planning lets understand what retirement actually means.

Retirement is like the beginning of a new stage of life. Work is just a part of we do as people. When you retire from working, you have more time to pursue other interest in life. It also means the ceasing of steady income and still trying to maintain the same standard of living. That is where planning for retirement plays a very critical role. The retirement plan should be based on what kind of life you hope to lead taking your financial stability into account.

Some of the steps to consider while retirement planning

1. Picture your retirement – Try to figure out what you would like to do when you retire
2. Take stock of you assets and liabilities – weather they are enough to fulfill your retirement goals
3. Evaluate the current status of your health – If you feel its not moving the right direction plan a healthier approach
4. When to retire – a very critical question that will have an impact on all your steps
5. Retirement budget – Retirement planning will help you evaluate how much you need to do what you want to, when you retire
6. Start saving more – This may mean the difference between and early or late retirement
7. Prepare for the unforeseen – So that you are not caught off - guard later
8. Stick to the plan – you work towards it so it will work for you

Planning for retirement is very critical and so is to get the right guidance in doing so. A retirement advisor will thus help you plan you retirement in a more structured manner

What is a retirement Advisor?

A professional who helps individuals by offering them advice on how to plan their retirement is a retirement advisor. Thus, a retirement advisor implements a plan by identifying sources of income, estimating the expenses that are currently incurred and the foreseen and unforeseen expenses that one could incur in the future, and managing the assets that are available. Estimating future expenses is the key part to a retirement advisor’s work. A retirement advisor, in most cases, deals with the financial aspect of the retirement plan. But there are some also know as retirement planners, who also focus on the no financial aspects like, when to retire, where to retire, what to do post retirement just to name a few.

Now days most retirement advisors rely heavily on retirement planning calculators. There are many such retirement planning calculators available online that help you in planning for retirement. One just needs to fill in information like current age, retirement age; current monthly expense, the inflation rate you assume and many also ask you your life expectancy. They then calculate based on the information inputted and show the amount needed on retirement, expenses at retirement and saving required. Thus providing clarity on how u needs to invest and what to expect at the time of retirement. One can play around with calculators by modifying entered details to know about when to start planning, how much to invest and when is best to retire, assuming future prospects of salary.

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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