Retirement is not going to be like your parents’ retirement rewarded at 65 with a gold watch or silver picture frame along with a guaranteed pension, and health insurance for life. For many people, retirement in the 21stcentury is a mystery. Earlier generations of workers could rely on employer-provided pensions, but now many employees will need to rely on their own work-related and personal savings. These savings will need to last longer because people are living longer, beyond their eighties and into their nineties.
The sooner you start making plans for retirement, the better it is likely to be in the long term, but ultimately, it is never too late to take control.
Investment decisions and objectives will change over time for a variety of reasons, but many people may feel that limited knowledge and/or time hold them back. Therefore, it’s a good idea to build a good relationship with a financial adviser and wealth management advisorwho can tailor your pension and other investments specifically to your own individual needs.
Retirement for many may seem like a long way into the future and having the discipline to commit to regular investments is probably the hardest part of making financial provisions for retirement, as it can be tempting to use the money for other purposes in the present.
At this stage of life, the investment timeframe is obviously shortening, which prompt decisions about how you will receive the income you may desire in retirement and also regarding how your investments are allocated in terms of equities and bonds. As you near retirement, you may give consideration to having a greater bias to income producing assets rather than capital growth.
Retirement can be a time to explore new possibilities or to slow down and enjoy the life to the full, you spent your working years building or it can be a bit of both. Regardless of your path, you will want to ensure that this phase is as financially secure and satisfying as it can be a process that ideally begins with your first job and continues after retirement begins.
Here, VPM Vermogensverwaltungs (Wealth Management) – AGcan provide you withexpert guidance on all the elements that contribute to a good retirement plan: saving and investing; planning; and maintaining your health; identifying activities that work to suit you; and, of course, being a savvy consumer.