Entrepreneurship: Financial Planning For Retirement

Retirement doesn’t simply work itself out, it takes planning and thinking about where and what one wants to do in their retirement with the comfort of financial security in mind – the encouraging news is that this is absolutely achievable. 

As entrepreneurs the importance of retirement planning is our prerogative, we are required to allocate, invest and research for our own retirement. Here is a quick retirement financial source checklist to help plan for the retirement you want.

  1. Super Fund / Retirement Annuity / Pension plan

There are a multitude of terms for this pension plan also known as a superannuation fund. This requires one to pay toward their retirement every month. Ensure that the amount paid is not taxable, the benefits of being an entrepreneur is that one can choose how much to pay toward your fund to avoid hefty tax. However, a non – taxable amount is not enough for retirement and other sources of savings and income are required in addition to a super fund. 

  1. Savings Account

Having a savings account in place, again one that is non – taxable is important. A retirement annuity will help with living a somewhat modest lifestyle, however travelling during retirement, moving, taking on an extravagant hobby or other, will need supplementary income. A non – taxable savings account will assist with this. Take into consideration your timeline for retirement and what financial goals you want to achieve at the age you choose to retire at and utilize a retirement plan calculator for this research. 

Read: The Savings Challenge Everyone Is Using CLICK HERE

  1. Investments

Consider cashing in certain investments when retiring for emergency funds.
The best investment after retirement is having a diversified investment portfolio. 

  1. Government Funds

Take full advantage of receiving benefits from government if it does apply to you.

  1. Estate Planning

If you own property, consider renting it out or putting it up as a holiday home especially if you will be travelling – this could subsequently pay for your travels during retirement. Consider selling and subsequently downsizing your home during your retirement.
Relook at your retirement options regularly to understand what your payout options are, and are not taken by surprise when hefty charges pile up – which they usually do, provide for this in your retirement planning guide. 

Keep in mind that the retirement age to access different funds change from time to time.
Keep income avenues plentiful and not limited to just one option – generally people simply rely on their retirement annuities, which is not enough. Set monthly and yearly goals in the form of a retirement planning worksheet to ensure that the plan and strategy for your retirement is met. 
It’s also important to be debt free closer to retirement. 
Research and plan for your retirement early to have ease of mind when it is time to retire. 
As much as one plans and strategizes, it’s equally important to ensure that actionable steps into achieving a desirable financial situation at your retirement age is taken.

Staying well – informed along the way while saving for your retirement is key.  

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Pot Of Gold Blog By Sheena Deepnarain

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