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Address:
Tom Adams Financial Centre
Spry Street
Bridgetown
Barbados
Phone: +1 (246) 436-6870
Email: info@centralbank.org.bb - General
Fax: (246) 427-4074 - Accounts

Essentials for Retirement Planning

Essentials for Retirement Planning

Planning for retirement involves five essentials, says financial educator Nikita Gibson. These are:

  1. Assessment of financial needs - Estimating the funds needed to maintain your desired lifestyle, covering living costs, healthcare, and retirement activities.
  2. Savings and investment - Deciding how much to save and how to invest in order to accumulate the needed retirement funds.
  3. Risk management - Assessing and managing risks like inflation, health issues, and market changes that could affect your retirement savings.
  4. Estate planning - Planning your estate to ensure your assets are distributed according to your wishes and your dependents are cared for.
  5. Income strategy - Planning how to withdraw from savings and investments during retirement to ensure that funds last throughout your life.

In this article we look at five more things to consider in assessing your retirement needs.

Visit our MoneySmart hub for more articles, videos, and tips on how to secure your finances. Have a specific question you’d like answered? Submit it and it could be answered in our Ask the Expert column.