What options do people have when approaching retirement?

Do you have to retire when the time comes? Do you even want to retire? Can you afford to retire? At what age would you like the option to retire? All of these questions are worth reflecting upon…Today.

A QUESTION I’m asked every day — If you are a 65-year-old couple today, the great news is that there is a three in four, or 75% chance, that at least one of you will live longer than 20 years in retirement.

Retirement presents you with time to do the things that matter most to you. While your happiest years may well be in retirement, the transition for many, sadly, isn’t always a walk in the park.

Should I stay or should I go?

There are many advantages to remaining in gainful employment. It means you can maintain people friendships built over years plus it can give you a sense of purpose. You may enjoy working, availing of new job opportunities, or maybe trying a new career all together? All good reasons. However, if the reason for remaining in the workforce is to make ends meet, that creates its own pressure. At Infinity Financial Planning we ensure people plan to avoid such a stressful circumstance. A few questions for you about your current situation.

Do you have to retire when the time comes?

Do you even want to retire?

Can you afford to retire?

At what age would you like the option to retire?

All of these questions are worth reflecting upon …today.
Think of it this way. Every Olympian wants to win a gold medal. Every candidate wants to get the job. Every retiree wants to maintain their current standard of living in retirement. Fix the inputs and the outputs will fix themselves. Having a plan and system is what matters. A well-designed monthly automated plan will always work for you. In an ideal world you would have saved and invested early in your career for your eventual retirement.

A straight-line electrocardiogram (ECG) indicates the person is dead. Just like retirement, a typical career has some ups and downs. When we create lifetime cash-flow illustrations for our clients, the ‘Base Plan’, without our advice, typically shows a years of cash flow being in the red. Eat, sleep and exercise are the magic ingredients to a healthy lifestyle. Save more, euro-cost average it, and spending less than you earn are the key ingredients to financial health and a comfortable retirement.

The challenge for most people is they don’t have the time to research the market, monitor the best options and evaluate what would be best for themselves moving forward.

That’s where Infinity Financial Planning can help.

What is your current financial position?

If you are in an unstable work situation, is a redundancy package on offer?

Do you anticipate receiving a lump sum from pension funds?

If you are in an unstable work situation, is a redundancy package on offer?

ARF – deemed distribution, yes, no, how much?

Annuity – now, never, when I’m older?

Wealth and assets accumulated?

Minimise taxes?

Confused? The biggest question to consider always is – “have you enough to enjoy retirement comfortably?” Choosing the right financial options for your retirement is a big decision. Sound financial advice that is client focused, rather that product focused is invaluable.

If you’d like a chat about your current options and choices in this area, call us today, 021 4508851.

That first, no obligation meeting, will be at our expense. It will be worth it.
See www.infinityfinancial.ie for more.