Retirement Planning

Having a retirement strategy in place helps you take control of your finances and build towards the future you want.

With the ever-increasing cost of living, retirement planning is more important than ever. Retirement planning is an essential component of your broader financial planning strategy. It is the process of setting retirement goals and determining the steps needed to reach them.

Ultimately, a retirement plan is your roadmap to a financially secure future when you stop working.

What is retirement planning?

According to research by the Money & Pension Service, millions are heading towards retirement financially unprepared.

More than a third (37%) of those aged 50 or over are leaving their retirement planning until the final two years before they leave the workforce.

Their data also revealed that 69% of unretired people over 50 have done little to no planning around their retirement finances. Meanwhile, only 7% feel fully prepared financially.

How much money do you need to retire?

That is the million-dollar question. It’s also the one that many do not know the answer to.

According to research by the Pension and Lifetime Savings Association (PLSA), 77% of people do not know how much they need to retire. Their data also found that only 20% are confident they are on track and saving enough for retirement.

There is no magic number. We can’t predict what the future holds. But with a retirement planning strategy, we can prepare for what lies ahead.

Whether you plan on retiring early or want to transition into your golden years gradually, having a plan in place can help put you in the best possible position. It could be the difference between the future you want and the future you get.

Early Retirement

Early retirement is classed as retiring any age earlier than the standard retirement age for your country. Depending on when you want to retire and your financial position, there may be several avenues you can take to be able to stop working at an earlier age.

Retirement Planning Checklist

There is a lot to think about when planning for retirement, and there is no one-size-fits-all approach.

To put yourself in the best position and better prepare for the future, use our checklist highlighting some important points to consider.

Generating a Passive Income for Retirement

Passive income streams are sources of revenue you receive with little to no input. Creating a passive income can help create greater financial stability and supplement your pension income.

Retirement Planning for Expats

The process of retirement can be even more complex for expats than for residents of a country. There are unique considerations, as well as cross-border tax implications to contend with and other obstacles to overcome.

Retirement Planning for High-Net-Worth Individuals

If you’re a high-net-worth individual approaching retirement, it’s important to consider your options to ensure that your retirement wealth is secured and adequate to fulfill your needs.

Retirement Planning for Medical Professionals

As a doctor or dentist, your retirement options may look different compared to those outside the medical profession.

Retirement Planning for Women

Women face a pension shortfall that could see them struggle financially when they retire. Research carried out by the Chartered Insurance Institute (CII) found that, on average, women will retire with 80% less money than men.

Retirement Planning for Parents and Couples

As a parent, you might want to consider more than just your own needs and take a broader approach when planning for retirement. As a couple, there are additional factors to consider when planning for retirement.

Retirement Planning for Gen X and Millennials

Different generations face their own set of unique challenges when it comes to retirement planning.

Working with Shieraaj has been a game-changer for my Investment portfolio. His expertise and personalized approach helped me navigate complex financial decisions with confidence.

Roy Naidoo

Retired Professional