I recently was invited to a webinar at which Nick Mallett, the renowned rugby pundit, Springbok coach, and rugby player was the guest. He stated that South Africa were not favourites to win the last World Cup Rugby Cup. As a result of their excellent preparation and planning, they won the World Cup. I believe that to obtain the best from your years in retirement it is important to prepare and plan for your retirement. In addition, it is important to review your plans from time to time. We have all seen what COVID 19 has changed in everyone’s lives. In a previous newsletter, we covered how some of these changes had affected one’s retirement. In s survey recently undertaken most of the people surveyed stated that they had reviewed their retirement plans. However it is not only Cornovirus when one should review their retirement plans, there are other occasions.
Listed below are some of the instances:
REVIEW YOUR MONTHLY INCOME AND EXPENDITURE BUDGET.
Every year several monthly expenditure items are increased. For example your lights and water account, short term insurance, security system, and others. I recently switched from the business that collected my refuse each week, because the new concern was much cheaper and provided a better service. Hopefully, this increased expenditure is matched by an increase in your monthly pension or other forms of monthly income.
YOUR BUCKET LIST.
It is important to review the various items on your bucket list, as your circumstances have changed.
CHANGES IN YOUR RECREATIONAL ACTIVITIES.
Due to a change in your health, you may need to review your normal recreational activities.
POST-RETIREMENT ASSET MANAGEMENT.
At least once a year, it is essential to have a meeting with your financial planner to review your financial portfolio. This to ensure that your plans are in line with your long term goals.
Since your last retirement plan review, have you experienced any major life changes?
To ensure that you ensure that retirement remain the best years of your life, it is important to review your plans regularly.