RETIREMENT PLANNING

A senior man at a marina, looking over his shoulder, with a serious but confident expression. He is holding onto the railing of his boat, ready to climb aboard. He is comfortably retired or enjoying a vacation.

This is a critical part of anyone’s future planning, and the key is to start as soon as possible. There is the old adage that “one can never retire with too much money, but you definitely do not want to retire with too little!”

Thus there are two very important areas to consider:

  1. STARTING YOUNG:

The scary fact is that retirement arrives a lot quicker than one anticipates. It is a difficult concept to grasp when you are 20 years old and venturing out into the market place – especially with the cost of cars, homes and schooling all in the near future, but planning for retirement cannot be ignored.

This is a Deton skill-set whereby one of our trained financial planners will sit down with a prospective investor and design a program which we will walk you through for the rest of your working life. That program will not only address the need for planning for retirement, but also assist in the short-term financial planning; 

  1. NEARING RETIREMENT:

The watch phrase in this situation is simple:

“once retired, you cannot go back in time and fix any faults”.

As much as you may have started young and done your planning, much can happen over the 35-40 odd years that it takes to reach retirement age. It is thus critical that once you are nearing retirement (within 5 years minimum), one needs to readdress your goals for retirement to assess whether your planning has achieved those goals. One thing that we all need to be aware of is the simple fact that people are now living a lot longer than they did 50 years ago, thus your retirement capital needs to be adequate to take that into consideration.

By doing this, your financial planner can then make a fairly accurate projection of just what your situation will be, and if need be, assist in boosting your retirement capital. He will also be in a position to apply capital to reserve funds for contingencies – as one could well live to the ripe old age of 95-100, we need to be aware of medical catastrophes and plan accordingly!

DO NOT LEAVE IT ALL TOO LATE!!