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How to make your retirement comfortable

by , 14 October 2015

You no doubt know that planning for retirement from a young age gives you the best chance of achieving your financial goals for when you get there.

To really prepare adequately for retirement, you need to spend time now making some decisions. This will help you plan more effectively.

Let's take a closer look…


Work out your retirement budget


When you retire, the expenses you have now will be different then. So it’s vital you spend time formulating a budget for when you reach retirement.

If you do this now using a spreadsheet, you can easily tweak it over the years the closer you get to retirement age and as any changes occur.

If you have a budget now, this task will be easy for you to do. If not, you should draw up a budget to ensure you’re putting as much money as you can afford into savings and investments.

Your retirement budget will differ in a number of ways from a budget when you’re working. Think how much money you may spend at the moment commuting to work, paying off the bond on your home and other expenses that you won’t have when you reach retirement.

But then you need to add in expenses that you will have then that you may not have now. For example, club memberships and family holidays with the grandkids.


When are you going to retire?


Another major consideration in retirement planning is at what age you want to retire at. This has to be realistic.

With life expectancies on the rise, you need to factor this into your retirement planning. You should also consider working for longer. Or think about cutting down your working hours when you reach a certain age, which still gives you an income without the stresses of a full-time job.

By picking a retirement age, you’ll find it easier to work towards financial goals with this in mind. And it will also help you find out whether your financial goals are achievable and how you can make changes to reach them.

Also ensure that by a certain age you’re no longer carrying debt, such as a home loan.

So there you have it. How to make your retirement comfortable.

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How to make your retirement comfortable
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