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How to start planning for retirement

Ae tips to prepare for retirement masthead

How to start planning for retirement

Looking forward to retirement

Those who have retired will gladly tell you: it’s never too early to start planning for retirement. Life responsibilities and career may take up most of your priorities now, but retirement planning is one of the best things you can do for yourself. A life well lived should have an equally good retirement and here are some tips to help you prepare for it.

Start with the big picture

To begin with, make a list of all the things you want to do in retirement. Like going on a dream holiday, spending time with grandchildren, joining a club or simply pursuing your passion. Then estimate how much money you would need and calculate if you have the required funds.

Make a monthly budget

Maintain a spreadsheet that estimates essential and non-essential expenses for every month. Essential expenses include rent, groceries, insurance, medicines. Non-essential expenses include cruises, brunches, golf lessons, etc. This will give you an idea of the monthly income you would need after you stop working.

Plan for a long life

Globally, the average lifespan is increasing and there is a good chance that you might live till 90. While healthy eating and exercise can make these years better than you expected, having a strong financial support will make it easier to enjoy the golden years.

Put your money to work

Once you stop working, your money can still work for you. Explore all the options that can provide you a regular monthly income – from property to insurance, from investments to retirement plans. A financial advisor can help build a plan that suit your needs.

Spread your investments

Whether it is property or fixed deposits, avoid putting all your eggs in one basket. The future is uncertain and you have to factor in inflation rates. With the right advice, you can also choose to put your money in investments, insurance plans and retirement plans.

Accommodate healthcare expenses

Healthcare costs have historically risen faster than inflation. Medical emergencies for you or your loved ones may require sizable payments at short notice. These costs tend to take up a larger share of budget in retirement and have to be carefully planned for.

Evaluate your insurance

In retirement, insurance can lighten the burden of regular expenses and medical emergencies. While choosing an insurance policy, be clear what you want it to cover – protection in case of death, disability, or illness. There are also investment-linked policies which provide returns as well as protection.

Fund your hobby

Imagine all the ways you would like to keep your mind sharp and your days filled with activity. You might want to rekindle an old hobby like photography or start a new one like golf. Either way, you would need to fund whatever brings you joy.

Be the pillar of your family

As your family grows, so do the needs of each member. With the right planning, you could be able to support your children and grandchildren financially, depending on the need of the hour. Supporting them emotionally is also one of the joys of retirement.

Have a succession plan

While it’s not the most comfortable thought, making a will is necessary. As you have worked hard to accumulate your wealth, you have to ensure it goes into the right hands. It’s never too early to make a will and you can always change it later, depending on the circumstances.

A lot to think about? Maybe. But whether your goal is to enjoy retirement to the fullest or ensure that your loved ones are protected, Standard Chartered is here to help you achieve your objectives. For guidance on crafting your retirement plan, reach out to one of our Wealth Specialists.

This article is brought to you by Standard Chartered Bank UAE. All information provided is for informational purposes only.

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This article is for general information only and it does not constitute an offer, recommendation or solicitation to enter into any transaction. This article has not been prepared for any particular person or class of persons and it has been prepared without regard to the specific investment or insurance objectives, financial situation or particular needs of any person. You should seek advice from a licensed or an exempt financial adviser on the suitability of a product for you, taking into account these factors before making a commitment to purchase any product. In the event that you choose not to seek advice from a licensed or an exempt financial adviser, you should carefully consider whether the product is suitable for you. You are fully responsible for your investment decision, including whether the investment is suitable for you. The products/services involved are not principal-protected and you may lose all or part of your original investment amount.

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The contents of this webpage do not constitute a contract of insurance and reference should be made to the respective policies for the exact terms and conditions applicable to the insurance policy. This webpage is being distributed for general information only and it does not constitute an offer, recommendation, solicitation to enter into any transaction. If there is any discrepancy between the information contained in the above and the Terms of the policy, the Terms of the policy shall prevail.

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