Financial planning for retirement
Retirement planning is the process of deciding whether What is the goal And what to do to reach the goal The steps are as follows
1. Set clear goals
Must analyze your lifestyle in your retirement age To determine the number and analyze whether it is too high or too low At this stage, the financial planner can be consulted.
2. Set a plan to achieve your goals.
This will be a step in which we will analyze the amount of money we have to spend each year after retirement in order to consider the factors and assumptions about future income.
3. Start saving For successful goals, you will need to earn more. And reduced expenditures to achieve that goal faster
When you reach retirement age, you shouldn’t stop investing. But it has to be prudent and prudent to increase your revenue
Investment options for retirement
1. Use the Retirement Income Fund Will be a special type of fund that allocates your money automatically Some funds are intended to generate a higher monthly income.
2. Buy bonds When buying a bond, you give a loan to a government, company, or municipality. The borrower agrees to pay you interest for a fixed period of time and when the bond is due, your principal will be returned to you.
3. Stock play Suitable for investment of experienced people Or those who want to manage their own money
4. Property rental Is a stable source of income But there are restrictions on maintenance If investing, talk to an experienced investor and join the real estate investment club first.
5. Keep investments in a backup account (emergency fund). This account should not be included as an asset for retirement income.
6. Dividends and fund income dividends The Dividend Income Fund, which owns and manages the shares that pay you dividends, can be a stable source of retirement income that may increase each year. But be careful when paying stock dividends or funds offering higher returns than the average rate. High return rates always come with additional risks.