There is no more critical issue in the world of investments and financial planningthan providing adequately for your retirement. Retirement investment should not be taken lightly; after all, it’s your future happiness that is at stake. You need informed, educated, measured advice, carefully tailored to the nuances of your individual context. LifeSense provides all our clients with exactly that, with years of experience in retirement planning across a wide range of retirement investment products.
Unfortunately many people leave their retirement planning too late and leave themselves financially vulnerable. It’s never too early to start planning for your retirement, so that you can maintain the lifestyle to which you have become accustomed. LifeSense provides a range of retirement planning products, and will work closely with you in deciding which is best for your specific needs.
Retirement Planning Products
Your Income Replacement Ratio
The first step towards adequately providing for your retirement years is to carefully appraise exactly what your financial requirements are likely to be. Often we tend to think of investments in terms of lump sums; in the case of retirement investment, it is best to think in terms of income requirements.
Your “income replacement ratio” refers to the percentage of your pre-retirement income required to maintain your current lifestyle post-retirement. As a very rough rule-of-thumb, an income replacement ratio of 70% is generally adequate to see you safely through your retirement years.
It is, however, advised that you consult closely with a LifeSense advisor when attempting to predict your income replacement ratio, as individual requirements can vary greatly according to specific circumstances. While, for instance, expenses such as travel and taxes may decrease after you have retired, others, such as medical and entertainment expenses, can often soar, requiring more savings than you might have initially expected.