Retirement tips

1. Plan to beat inflation in future:

The inflation rate is rising and so are retirement costs. There is a chance you will need more money than you think in retirement. So save as much as you can during your earning years. Aim to save at least 15 percent of your gross pay. Not there yet? Increase your retirement savings contribution with every pay raise, before you get too used to that higher paycheck.

2. Go beyond the workplace:

You can go beyond the pension arrangement already in place in your office. Consider making additional contributions into your retirement savings account or put your savings in investments you can rely on at retirement.

Do not let market swings shrink the value of your savings. Determining how to best allocate your savings between various kinds of assets including stocks, bonds and cash - can be a powerful way to keep your retirement savings growing. Spreading your savings across various sectors and asset types can help soften the effects of big market fluctuations. Steer clear of emotional investing: As investors, our emotions tend to follow market cycles. When markets perform well, we tend to become euphoric and pour money into stocks. When markets turn down, our emotions change and can cause us to pull out of the stock market just as it reaches its low and miss out on potential gains as it rises again. The lesson: emotions can cause us to do just the opposite of what we should do.

Even if you build a smart saving and investing strategy, unexpected events can occur. You could experience an illness that prevents you from working and earning an income. You need to protect yourself against the risks in today’s world. Your advisor can help evaluate your personal situation and line up the right levels of protection. With sufficient protection, you can focus on the fun parts of planning for the future.

3. Save strategically: 4. Leave your worries behind: