Does your retirement plan need renovating?
Just like when you sift through your winter clothes after the season and discard what you no longer need, similarly you will want to comb through your Retirement Planning to ensure it’s on track and working for you and there may be investments you want to get rid of.
With the tax season over, now it is the perfect time. You can use the period to revamp your retirement planning and take a close look at your bank statements, receipts and other documents, emphasizing your debits and credits. Take a look at your bank balance, and ask yourself – Are your debits surpassing/overlapping your credits? Are your bank balances where you expect them to be? Can you think of some steps/remedies to minimize expenses and maintain a proper account balance for the succeeding year?
Financial experts always advise retirees to review their account balance or financial statements at least once every year. Unfortunately they find retirees don’t follow this, and usually their spending exceeds their savings/investment.
When they say ‘saving,’ that does not mean the money you save today and will be spending the same in a week or a month to meet your lifestyle needs. That means the amount you save for your 60’s, 70’s and post-retirement phase. Financial advisors say what happens is retirees spend more than they can afford.
Work with your accountant to see if there exists any way to reduce your tax burden or expenses. Retirement planning doesn’t require you to cut your necessary expenses; it just makes you aware that you might be spending unnecessarily and where you shouldn’t spend.
Keeping your spending under control on lifestyle and leisure activities works best, and even looking at ways to reduce those expenses. Balancing your funds – debit and credit is more of an art than mathematics and accounting.
Higher Interest Rate
Good retirement planning comes from the wise investment decision. Invest your money where you’ll get maximum returns, and where the interest rate is higher.
Secure your post-retirement days with good and healthy retirement planning!
Category: Retirement Planning
