Retirement planning is a critical component of financial planning. As in Financial Planning, the first step is to set retirement goals for yourself. Take some time to consider what you want when you have stopped working and the standard of living you want to have. These goals will set the direction of your plan. However, as with all goals, they may change over time as situations and conditions change.
The next step is to establish the size of the retirement fund you want, that is how mcuh money you need in order to retire the way you would like? This is a difficult operation because of the many changes that will occur throughout the plan.
The final step is to formulate strategies to assist you in realising your goals. This usually involves having some kind of savings plan and identifying the types of investing program. Your tax and investment planning is closely related to this phase of the retirement program.Investments and investment planning will be the vehicles through which you will build your retirement funds. At the same time, making sure that your tax burden is reduced to the minimum will allow you to maximise your retirement funds.
The next step is to establish the size of the retirement fund you want, that is how mcuh money you need in order to retire the way you would like? This is a difficult operation because of the many changes that will occur throughout the plan.
The final step is to formulate strategies to assist you in realising your goals. This usually involves having some kind of savings plan and identifying the types of investing program. Your tax and investment planning is closely related to this phase of the retirement program.Investments and investment planning will be the vehicles through which you will build your retirement funds. At the same time, making sure that your tax burden is reduced to the minimum will allow you to maximise your retirement funds.
