Age 65 +
Retirement … time to relax
Manage your income
Managing your income is always important, but it becomes even more critical during retirement when your income comes from your savings rather than from wages and earnings. You must ensure that it lasts through your retirement years to maintain the standard of living you’re accustomed to. This requires determining your income needs in the years ahead and efficiently managing your retirement assets.
Assessing Your Asset Allocation
The most experienced wealth planners will recommend that ‘making your money work’ for you is a recommended strategy. This applies equally to someone in their retirement years. Making your money work for you means investing your assets to produce a return on investments.
It is vital to keep your assets safe throughout your retirement years. This may require a shift to a lower risk investments. However, this may be influenced by the number of years you may want to plan over, as it may be appropriate to choose a different approach for a longer time frame.
Managing Your Income in Retirement
Your income during your retirement years usually depends on your annual expenses, the amount you have saved and the amount of years you project you will stay in retirement. Factors such as inflation, taxation, income and capital gains taxes are all likely to impact on your correct course of action.
Like all aspects of financial planning, managing the income you will receive during your retirement years requires careful planning.
You can contact a member of the team here.
Disclaimer: The value of investments and any income from them can fall as well as rise. You may not get back the amount originally invested.