“I think it’s a worldwide phenomenon that people tend to only look at their financial affairs when they’re in dire straits or when there’s a significant life event that forces them to do so…” says PETER HEWETT MD, Efficient Group SA
If that is so how do we stop ourselves becoming a statistic? When should we start our financial planning?
We all know in theory we should have started saving with our first pay cheque – but life has a habit of getting in the way and we don’t always keep to the Grand Plan…
So what should I have in place as I roll towards retirement?
- An Emergency Fund – it should normally be around three months of your monthly income, to ensure that you can cater for those sudden unexpected short-term emergencies,
- Make an Investment Plan – Create an investment plan so you have a disciplined approach to investing throughout retirement (Tick)
- A Retirement Budget – You must come up with an accurate estimate of what you spend now and what will change after retirement. (Tick)
- Health Insurance Options – How to cover medical expenses and health insurance and included them in your budget? (Tick)
- Make a Retirement Income Timeline – Make a retirement income timeline to show when different sources of income will begin matched against potential retirement expenses (Tick)
Well I’m on the right track – how about you?
I just need to keep to it now … watch this space I guess 🙂
Go well till the next time
- MoneyWeb http://bit.ly/1DfnLGT