20/02/2024
Tip number two for ways to be one step ahead with your retirement planning…
> Review your income sources and assets
This could be:
📉 Stocks
💵 Savings accounts
🏘️ Property
Review what you have now and, as mentioned last week, remember to cost up your retirement wants and needs. Once you know how much you have, it’ll be easier to know how your assets will serve you in retirement.
You might review your income and realise you have more than enough! It all depends on your goals. If there is a shortfall, you can consider options like downsizing your home to boost your funds and, if you’re set to have too much (nice problem to have), you could consider enjoying a bit more in the here and now, or retiring early.
> Plan for the unexpected
This could be:
🤒 A sudden illness
🤕 An accident
😔 A death
💰 An unexpected bill
While you can't predict every twist and turn, having a safety net for unexpected expenses is important. It’s good to have at least 3-6 months of funds saved up for this. This can be stored away in a separate savings account so that you’re not tempted to dip into it!
So, no need to panic, take one step at a time and you may surprise yourself by getting your finances organised! 👍
