No matter what stage of life you’re in, it’s never too early to start planning for retirement. A comprehensive retirement plan ensures financial security and a comfortable lifestyle during your non-working years. To help you get started, here are some key considerations when it comes to planning for your retirement:

Determine how much money you need for retirement

To work out how much you need, here are some things to consider:

• Retirement age: Decide at what age you plan to retire as this will affect your savings goals and the timeline for your retirement plan.
• Lifestyle and priorities: Think about your desired standard of living during retirement to determine your expected expenses. Consider both essential costs (such as housing, groceries and utilities) and discretionary spending (such as travel and entertainment).
• Healthcare costs: Estimate potential healthcare expenses during retirement, including insurance premiums, co-pays, and other out-of-pocket costs.
• Inflation: Factor in inflation when projecting your retirement expenses and income needs. Adjust your savings and investment strategies accordingly to ensure your purchasing power remains intact over time.
• Longevity: Consider your life expectancy when planning for retirement. Ensure your savings and investments are sufficient to support you throughout your retirement years.

Consider your Income sources

How will you fund your retirement? Identify all potential sources of income during retirement including pensions, dividends, rental income and part-time work. Consider how each source will contribute to your overall retirement income.

Consider your estate planning

Develop an estate plan outlining how you want your assets to be distributed after your passing. This may include creating a will, establishing trusts, and designating beneficiaries for retirement accounts and insurance policies.