Do you have a retirement plan?

Have you started to make plans for your retirement? To make sure you have the means to achieve them, good financial planning is essential. A solid retirement plan will allow you to assess the revenue you’re going to need and what sources of income you’ll have when the time comes.

Generally speaking, you’ll need 70 percent of your average annual gross income over the last three years of your working life in order to maintain your standard of living after retirement. Why not 100 percent? Even though leisure expenses will increase after retirement, those associated with work will diminish or even disappear. You’ll be paying less income tax and you’ll no longer need to contribute to your retirement plans.

Naturally, the percentage will vary according to your salary, the age at which you retire, your family expenses, personal savings, and what you want to do during your retirement years. To determine the income and savings you’ll need to live a fulfilling retirement, you’ll also have to take into account inflation and the fact that healthcare expenses could eventually increase.

Are you struggling to answer all these questions? Consulting a financial planner is always advisable if you want to benefit from the best possible retirement plan. He or she will analyze your financial situation, tell you about the group or individual plans that will allow you to finance your retirement, and advise you on your investments. Once you know that your dreams are in order, you can relax and get ready to enjoy your retirement.

A financial planner can help you prepare for your retirement properly.