Early retirement years

Financial planning for every stage of your life

An important activity at the beginning of retirement is to simplify finances. This could mean reviewing your investments, arranging you documents and finances for your future and ensuring that they are updated and accessible. 

Budgeting becomes the focus of finances once again during retirement. The object now is to control expenses and stay within the available income. Managing investments to generate income and protect your wealth from inflation will become a primary investment activity at this stage. 

Having adequate health insurance by this stage should be considered since health care and costs could have a financial impact on your retirement income. Life insurance may be relevant only if it is required to protect retirement income for the spouse and debt should not be a big part of your finances at this point. 

Other goals may include turning your retirement savings and pensions into income, managing your savings and investments and estate plans. 

Getting the right advice to ensure you are as prepared as possible at this stage will make all the difference for the retirement years ahead.