What to consider for your retirement planning

Planning the retirement of your dreams may seem incomprehensible at the moment – life is coming at you fast and figuring out the right steps can seem like a daunting task. However, there are steps you can take to fast track your retirement and make sure you’re where you want to be much sooner.

1. What is your current situation like?

Regardless of what work situation you’re currently in, there are always questions you should be thinking about during your retirement planning. Are you managing your debt and expenses?

Retirement is about cash flow and ensuring your basic daily needs are met with your new regular income.

Be honest with yourself when understanding your current life situation – are you ready to retire yet?

2. Envision your retirement

How do you want your retirement to look? Visualising your desired retirement outcome and envisioning it over and over will help to mentally set your life after work into motion.

For example, do you see yourself travelling the world during your retirement or spending time with your loved ones in the comfort of your own home?

3. Calculate your needs

Knowing where you are and where you need to go are important but now it’s time to consider what you’ll need in retirement. The thing is, putting a specific number under the thumb is impossible to do as every person is different. If you’re struggling to figure out how much you’ll need during your retirement, consulting a financial advisor might be your best bet so you can get a sure answer.

4. Review your income sources

So, you know what you need for retirement but how will it happen? Consider all your income sources, including your superannuation, your home equity, investment portfolios and perhaps the workforce. How much longer are you willing to spend time working to get yourself into retirement?

Are you considering retirement? What other factors are you considering? Let us know in the comments below.

Republished with permission of Over60.