Retirement Planning - It is Never too Late

1. Retirement Planning - It is Never too Late It sometimes feels life right now gets in the way of saving for life in the future. Education, family, unforeseen expenses all seem to be conspiring to prevent you from saving for your retirement. This should not be the case. Richard Cayne of Meyer International wants to remind you that it is never too late to start planning and saving for your future. After years of working, you deserve a retirement that offers comfort and is worry-free.

2. Financial Planning Tips Take Advantage of your Employment Retirement Plans If your job offers a retirement fund in any shape, try to contribute as much as you can. Having that automatic deduction is easy, and you will be surprised at how much can be saved. Often your employer will also contribute, sometimes equal to or more than your contribution. If you are concerned about your job security or if you may switch jobs, check the terms of the plan. There are usually minimal employment periods before you become vested, when the company’s contribution is automatically yours.

3. Emergency Fund You still need to have a contingency in case of trouble now. A financial cushion is necessary so that if something financially disastrous happens you will be able to concentrate on recovering from that situation. There is no exact calculation, but the it is usually recommended that you have enough to be without income for six months.

4. Pay off Debt There are few, if any cases, where holding onto debt is a good fiscal choice. Pay off your debts as quickly as you can, so you don’t have to worry about the interest accruing and piling on to your liabilities. Also consider consolidating your debt and trying for a lower interest rate.

5. Plan for Family Expenses Nothing will put a halt to saving money than unforeseen circumstances. Although it is impossible to plan for every contingency, there are some preventative measures you can take. Make sure you have enough insurance coverage, both health and life, and, if you have children, make sure you have a plan for their education.

6. Shop Around for the Right Retirement Plan Depending on how old you are and when you plan on retiring, you may choose a risky or a conservative investment plan. No matter what, you should have a plan. There will most likely be tax breaks as more jurisdictions realise that encouraging retirement savings good fiscal planning on the individual and on the national level. To discuss planning further, contact Richard Cayne at Meyer International

7. So Many more Questions! In addition to the points already covered here, there are many more questions and considerations: • how much money will need for retirement • where is the best place to spend your retirement • tax implications before and after retirement • what if you want to work after retirement If you would like to have a more in-depth conversation about your retirement, please contact Richard Cayne at Meyer International.