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Retirement planning - saving for retirement
The purpose of this function is to determine the net income you will
require in retirement, then how you need to invest to achieve your
planned retirement, both prior to retirement, and during retirement.
Retirement planning involves three
major parts;
- Determining the variables during the
retirement period, such as; how much you will spend during the
retirement period, benefits you may receive, and the likely
return and income you can get from investments.
- Calculating the lump sum you will need to
have invested at the start of the retirement period.
- Calculating how you can achieve the lump
sum starting from your current financial position.
Small changes in some of the variables when
calculating retirement needs, or saving for retirement, can have a
large impact on the outcome, this is where some simple retirement
planning tools fail.
Flexibility is provided, by allowing variable
annual expenses and income, so that large items of expenditure (like
a new car or holiday), or income (like inheritance), can be
accommodated.
More than one retirement scenario can be
entered and saved. This allows you to therefore calculate the
minimum retirement needs, and then some preferred retirement
scenarios.
