The concept of retirement has the potential to be the best years of your life but you need to prepare properly in order to make the most of it. Everybody wants the freedom to pursue what they love during these years without the need for strict budgeting and sacrificing. This is why it is vital you start planning your retirement as early as possible. What type of retirement you want depends on you. If you want to continue to live in different countries or work part time in a consultancy role then planning is needed.
It is important to remember that Personal and Financial planning are both as important as each other. A quick test to know how well you are prepared for retirement is to ask yourselves the following types of questions:
What age would you like to retire from your current role? it doesn’t mean you can give up work completely.
What sort of lifestyle do you want in retirement?
Where do you want to retire to?
How much will you expect to spend per month?
What do you currently have in your retirement funds or income vehicles?
How much will your pension/savings pots be worth when you reach retirement age?
How many years can you expect your funds to have to last?