It’s never too early or too late to start planning ahead! We can help you plan your investments, protect your assets, and retire more comfortably. Our honest advice will help you choose the options that make the most sense for you both now and in the future.

 

The sooner you begin to plan and save for retirement, the better your chances of being able to live well during your golden years. However, planning and saving for retirement is often easier said than done. While everyone will agree that saving for retirement is the right thing to do, we often put it off. The first step in the retirement planning process is to determine your annual income needs during retirement. Your post retirement cash flow needs will be heavily contingent on your desired standard of living and “must pay” expenses such as your, utilities, medical insurance food and clothing.


Once you have estimated your annual expenses during retirement, you should then determine how much you would need to save and invest on an annual basis in order to retire on time. The amount of money that you will have to save on an annual basis will depend on how many years you have until retirement, your expected investment growth rate and inflation over the same period.


Once you’ve retired, the sums of money you spend on certain things will change.
Have you paid off your mortgage? If so, that will significantly reduce your monthly spend. However, if you’re still renting in retirement, you’ll have to factor that cost into your outgoings when budgeting.
Have your children moved out? Raising a child until they’re 18 costs a huge amount – so your costs should come down significantly once they've flown the nest.
How much will you spend on leisure activities?. You’ll probably be spending more money on hobbies and holidays. Think about how many holidays you’ll want to take per year.


At Monfort International, we work closely with our clients to devise strategic financial planning that will enable you to reach your goals. Our consultants will help you know the figures you need when your working life is finished to live the life you desire, and whether or not you are on target to achieve your goal.
For a free initial consultation with a Monfort International adviser please click here.