Retirement Stage Financial Tips


Enjoying retirement life, work on things you passionate about

If you’ve planned well, you will be enjoying life on your terms with those closest to you. You’re gone from raising kids to playing with your grandchildren. While life’s a lot simpler in many ways, there are new questions. How will you maintain your lifestyle without outliving your savings? What are the best ways to help out the next generation or the society? This phase of life can last 20-30 years or more – plan for it.

Here’s what deserves your attention financially:

1. Watch your withdrawal rate. 
    • Keep your expenses in line with your plan to ensure that you won’t outlive your savings.
    • Adjust accordingly along the way. Interest rates, inflations and lengthen life spans might affect your initial plan.
2. Update your Estate Plan. 
    • This is something you no longer want to neglect. Make sure you have all your Estate plan documentation done, so you can assure that your wishes will be carried out should death strike.
    • Proper planning is important to make sure your distribution is practical and reduce the possibilities of your family end up fighting over your estate. While minimizing administrative cost, transfer cost and duty taxes.
3. Reduce investment risk and refocus investment goals. 
    • Continue your investments and manage carefully. Invest to strike a balance between protecting your capital and ensuring you still have enough growth to outpace inflation.
4. Ensure your medical insurance is adequate. 
    • We are living longer and the cost of medical care continues to rise. It is important so that all these costs does not deplete your retirement savings.
    • Talk to your financial adviser for personalized advice.  
5. Enjoy! 

Independent and unbiased advice will be helpful in managing your financial life during your retirement. connect you to a professionally qualified and licensed financial adviser.