Some tips for Retirement Planning
Longevity risk is the risk of outliving your savings. Due to advances in medicine and healthcare, people can expect to live longer after retirement. This is the main reason that everyone should have a retirement plan. Planning for retirement does not involve extensive guesswork but use of retirement calculators and wealth accumulation strategies. There are certain benchmarks that could be employed in planning retirement however. Some tips for planning ahead include:
1) Save 10% of your monthly income towards retirement
This is the minimum that people should be saving in dedicated retirement plans. For a comfortable retirement, it is best to save 15% of your income. These percentages are especially applicable to those who have not yet reached 40 years of age. Late starters would be required to save more than the recommended percentages.
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