Retirement Quotes are Based on A Full Needs Analysis.
There are Statements in the Market Place that say the following:
“I Cannot afford to save more for my Retirement”
As well as
“I am already saving enough for my Retirement and I cant afford any more”.
“I know I am on track because my financial Advisor said so.”
Okay so all three could be right and all three could be wrong!!
Let me Clarify then in the sense that you really do not have an option but to save what you have to.
Or else you could suffer like the other 90% of South Africans.
You can always afford more if you have to. It takes discipline.
A plan just needs to be made by gauging through Retirement Quotes. And thereafter your Budget has to be adjusted accordingly.
It is really good if your Financial Advisor has kept you up to speed. But remember check and double check because he or she might not be there when you cannot afford your Pension.
Saving towards Retirement needs to be an Expense like anything else.
Are you really saving enough??
Have you done the Retirement Quotes calculation together with your Pension Statement ??
Lets say you have done all the above 100% but remember circumstances change and you might not reach the returns your Financial Advisor Projected and is neglecting to measure Annually.
What would you have done at the age of 20 if you knew what you knew now ??
1) Invest towards generating a Residual Income
2) Invest in Property
3) Invest in Retirement Annuity
4) Build an Emergency Fund
Now with the above in mind knowing not one circumstance is the same there are some basic Principles to getting your Retirement correct and this is pretty much shown in the following modus operandi.
1) Establish your Pension Need
2) Establish via a Pension Statement what you have and what you will achieve
3) Take the NEED from the ACHIEVE and you will be left with the Shortfall
4) Now all you now need to do is establish from that Capital Shortfall what is the Monthly Required Payment
5) Now what is often not done is Measure Annually to see if you are achieving what you set out to achieve
Fill in your details and lets Reach your Retirement Goals