Retirement account
Begin constructing your retirement fund today with our selection of Individual Retirement Accounts (IRAs). Retirement planning encompasses preparing for life after paid work concludes. This involves not only financial aspects but also considerations such as lifestyle choices, retirement activities, preferred location, and timing of retirement, among others. An inclusive approach to retirement planning considers all these factors.
How much do you need to retire
To retire comfortably, it's crucial to commence planning early. The required amount for retirement varies for each individual, but general guidelines can provide an estimate. Initiating retirement planning at an early stage enhances the security of your retirement.
How much do you need to retire
The required amount for a comfortable retirement varies widely. Some suggest aiming for around $1 million, while others advocate using the 80% rule, which means having enough savings to live on 80% of your pre-retirement income. Additionally, some experts note that the average retiree may fall short of their needs and must adjust their lifestyle accordingly. When determining your retirement savings goals, it's crucial to factor in all expenses, including housing, healthcare, food, clothing, transportation, entertainment, and travel. Having a realistic estimate is advisable to prepare for 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.