Retirement is your opportunity to explore new worlds, feel the depth of soul and grow beyond your own boundaries.
Research has shown that the biggest fears or retiree’s are: 1. Will my money out last my life and 2. Will my health last to give me quality of life. And it is placed generally in that order. To insure that your retirement fund last, two general factors need to be taken into consideration:
- Is my money invested for growth? A well devised after retirement plan has to take costs, fund selection, tax implications and inheritance needs into account. Here the track record of the fund managers are critical.
- How much can I afford to withdrawal from my investments? Usually retiree’s withdrawal too much in the beginning of their retirement with the noble intentions to take less later. This usually does not happen. If you take less early in retirement you give your retirement investment pot the opportunity to grow. Early in retirement your health should also be such that you still will be able to use your skills to earn an additional income.
Make sure that your post-retirement plan takes into account daily living expenses, unforeseen expenses, health expenses, larger possible expenses (e.g. a new car).