Retirement tips

1. Have a discovery phase:

It is not assessment, checkup or discovery, but a key part of planning for retirement is taking an overall look at what’s going on. See where your money is invested, check the performance and scrutinise your contributions.

2. Learn 5. Fill in beneficiaries: the 4. Stay diversified: all 6. Pay debts: 8. Save more today: rules:

The rules of retirement financing are complicated, but it is important that you learn it. Get the lowdown on a couple of specifics. As you prepare for retirement, check your retirement savings account to see how you might claim a bigger benefit by waiting until your full retirement age.

3. Learn investment tricks:

Going into retirement 100 per cent invested in the stock market is a bad idea. You have to buffer against market fluctuations by having two years’ worth of liquid savings, so you can meet your expenses and not have to sell your investments at the worst possible time.

diversify your investment. Don’t just invest in one venture. Spread your risks.

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Make sure you designate beneficiaries. Otherwise, your family members could wind up spending months in court trying to make claims.

It’s easier to save for retirement when you don’t have debts hanging over your head.

7. Get to know the fees in your retirement accounts:

Whether you prefer passive funds tied to the stock market or actively managed funds, find out how much you pay in fees. The difference between an investment with a 1 per cent fee and an investment that costs 0.05 per cent can add up to additional savings over the decades.

Make additional savings into your retirement savings account from the current rate approved by law. You can also save in the conventional banking accounts. Always remember to save for retirement.