Wealth Planning & Retirement Planning

A common excuse among individuals when asked, if they have started their retirement planning is, "I am still young, there are plenty and many more years left, why worry." Yes, this is a typical statement and excuse an ignorant individual would give.

Let us be honest with you. If retirement planning can start the moment you are born, we would advice you to do it. Many more years later, you would have less of those many more years if you had done something during those many more years.

Let us examine a little here. For example if you are 20 years old now and you want to retire at age 60 and presume by that age you would need $1 million. Assuming we take away the interest, inflation and rate of return element. You would need to save $25,000 every year for the next 40 years. That is about $2,000 every month.

Now suppose you say that you have not even started working at that age and you want to wait. You wait and procrastinate till you are age 40 and your initial goal of retirement at age 60 with $1 million still maintains. You would now need to save $50,000 every year for the next 20 years, that is almost $4,200 per month in extra savings. Your goal has suddenly increased by two-folds.

You may argue that by then you would have earned quite a bit or your career may have taken off. In realism, if by that age arrives you will find that your commitments to you and your family have also increased substantially and you may not have enough disposable income by then to save.

Go to wealth experts and ask a wealth query with regards to Retirement Planning funding.

Let us now look at the important aspects of Retirement Planning funding.

Again we look at the 5 Driving Forces                                            to determine our direction.

The 5 driving forces are Wealth Aspirations, Strategic Wealth Analysis, Strategic Wealth Planning, Wealth Action and Wealth Management.

Wealth Aspirations
Dreaming is always the easy part. But there is a great difference in fantasy and reality. We used to get a lot of, if I were to retire I would retire here. I would retire there and so on. I would do this and that. I would have that and have this. In reality, everything changes. That does not mean we do not dream. On the contrary, always dream but be realistic.

Also hold yourself accountable for your dreams so that you will take account and achieve them.

Think about the lifestyle you would want to have, where you want to retire and how much you think you would require.

To find out more about Wealth Aspirations, click here...

Strategic Wealth Analysis
Next step is to start analyzing a few things:
1. Firstly, analyze what you have right now. Analyze where you are right now. Then put them into perspective and line them up with your goals.

2. Analyze whether are your aspirations realistic. Often when we aspire, we dream of the best but in reality it is entirely impossible. You have got to bring yourself back down to earth if and when possible.

3. Analyze current situation and analyze what can be done to bring you to where you want to be. Such as, is there a career or job that can speed up the process than I have right now?

To find out more about Strategic Wealth Analysis, click here...

Strategic Wealth Planning
When you start a plan, always start from now and work forwards. Find out how much is needed to fund the lifestyle you wanted. Check on realism. If you think it is too far off, readjust your goals again. If not you will find that your dreams are so difficult to achieve that you decide to stop all the planning altogether.

The main reason for planning is to make sure again that a road map is put forth and that this road map is realistic and achievable. If it is unrealistic than the best option is not to plan.

The plan also need to map out the kind of investment instrument to get to your goals.

To find out more about Strategic Wealth Planning, click here...

Wealth Action
Acting on it the sooner the better is very crucial. Always start early so that early bird catches the worm. Work on the plan and leave no stones unturn.

To find out more about Wealth Action, click here...

Wealth Management
This process is always the most important. Because it will tell you if you are on target or you need to redjust, realign or even replan the whole process, due to the changes in environment, changes in personal situation, etc. Any changes would actually change the situation of your plan and so you would want to keep yourself abreast of any change and movement of your retirement plan.

Do not be afraid to re-do what needs to be re-done.

To find out more about Wealth Management, click here...

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