To live well in retirement, you no longer can rely solely on a company pension plan or Social Security. Instead, you will have to depend on how skillfully you plan and invest, and whether you make good use of tax-advantaged savings plans such. Here are a few reasons why planning for your retirement is a necessity.
- Getting stuck in the savings mindset. People tend to get hung up on how much you save every month. The amount does not matter as long as you set it aside. You can gradually increase the amount that you save over time. for your retirement funds whenever you have extra money, you get a salary raise, or you have finished your payments.
- Medical emergencies. With increasing age comes more health problems. Medical expenses which may make a huge dent in your income post retirement. Failure here could lead you to liquidate (sell) your assets in order to meet such expenses. Remember medical claims do not always suffice.
- Inflation.As you need to worry about it you need to account for it as well. You need to take into account inflation while calculating your retirement funds as well as your expenses.
4.Fragmentation of nuclear families. Gone are the days when the elderly had a family to give them support. The culture is changing as couples are having less children. It’s vital to plan your retirement without any help from your family.
The Private banking and wealth management forum has dedicated a whole session for a guest speaker and a panel discussion on the need for and basics for planning your retirement.The forum will be held on 21 & 22nd March 2017 at the Radissson Blu Hotel in Nairobi.