Pre & Post Retirement Planning
Lets relate retirement planning with that of "travelling to a destination in a car." Rather than driving blindly, we would find out about its location; choose the best route to take; anticipate traffic and other unforeseen conditions; ensure that we have sufficient gas; have a spare tyre in our trunk in case of a flat tyre; and enroll with an Automobile Association with a wide network to help you should your car break down.
Identify Personal Goals (The Location of Our Destination)
When mapping out your retirement goals, they should be specific and measurable. Identify your commitments and required living costs like mortgage loans, car loans, insurance maintenance, children's education, household maintenance, etc. These should be listed down and prioritized so that you could allocate your resources and time to meet the most important goals first.
Gather Data (Ensuring Sufficient Gas and Other Resources)
At this stage, study your current situation and steer yourself towards your goals. It is like "knowing how much gas you need, how much you now have in the tank and finding ways to top it up for you to reach your destination." You need to determine your current expenditure and evaluate your future needs. Some items like medical cost may increase and things like utilities may increase. The trick is to estimate the percentage change with inflation factored in. See Impact of Inflation.
Evaluate Goals and Identify Obstacles (Anticipating Unforeseen Conditions)
Now that you know your own situation, difficulties and strengths better, you have to be realistic and evaluate you goals. Perhaps, they need to be re-prioritized or even put away for an indefinite time. Obstacles must be identified. Your current debt may be becoming unmanageable, expenses are high and you are paying a lot of taxes. You skills are becoming obsolete and there is no potential growth in your career in your company. You quarrel with your spouse whenever you try to talk about money... and the list goes on.
Develop Strategies & Ideas To Achieve Goals (Choosing the Best Route to Take)
You cannot just talk about your problems. It's time to do something about it. See our consultants to develop the most effective and up-to-date plan specially tailored to suit your needs. We may talk to your creditors, redesign your investment or insurance portfolio, introduce a saving plan or lower your taxes.
Implementation Stage (Driving to the Destination With a good AA network behind You)
This is when we activate our planning for you. Appointments are made with our financial consultants, lawyers, bankers, insurance advisors, a real estate professional etc. This process takes time and you have to be committed and disciplined with the appointments set for you.
After all the driving, you must send your car to the workshop to make sure that the engine oil and worn out parts are changed. Proper maintenance must be carried out as retirement is a period of time and not just at a point in time. Political and economic environment may change and necessary adjustments have to be made. You may have to drop your current investment vehicle to another, just like steering away from a fallen tree on the road. You may be slacking in discipline and we have to gently remind you to spend with budget or simply hold some of your money in other currencies etc. There are many ways of steering your car, depending on your situation then and so it is with retirement planning.