Retirement Planning
One third of your life may be ahead of you at
retirement!
Anyone who has been following the news with respect
to the government and corporate (including final
salary schemes) sponsored pensions worldwide will
be all to aware that reliance on any income in
the future from the above is looking less likely
every year.
The reason for this is simply that the coming decade
will see the baby boomers retiring, coupled with
a reduction in birth rates meaning that there will
be more people drawing state pensions than there
will be paying.
In addition, many companies are finding the constraints
of providing retirement packages onerous and additionally
that they are unable to actually meet their obligations
in this respect. Goal posts are changing, often
far too late for employees who haven’t made alternative
or additional private arrangements.
It is evident that relying on someone else to provide
us with a satisfactory retirement is both foolish
and misguided. Every one of us needs to take responsibility
for our retirement years and this begins with the
simplest of plans. Things to consider are:
1.
To plan
based on the most costly possible country
you may retire in.
2.
To decide how much
income you would want on a monthly basis (in
today's terms).
3.
At what age do you
want to achieve financial freedom and to have
the choice whether you work or not.
Once these questions are answered
you can then use the on line calculator for an estimate
as to the monthly premium required to achieve your
objective.
