BUILD YOUR RETIREMENT PLAN

TIME TO PLAN - NOW THAT WE KNOW ALL THE FACTS - GOOD OR BAD.

NOW WE CAN BUILD AND DEVELOP OUR STRATEGY.

Whatever the outcome, it must be thoroughly thought through,so as to avoid any unforseen disasters. Thus, giving us peace of mind.

It is never ending. And should be ongoing. (situations do change)

Those lucky 5% of us who have a ratio of better than (income) 60/40 (expenditure) are in a more fortunate position.

Those unfortunate 95% of us with less than 60/40 have to make some VERY DIFFICULT choices. Therefore, a good plan is essential.

NOTE - Before YOU DO ANYTHING. Check out whether you are eligible for assistance of any kind.

i.e:- Rent, Rates, Heating, Medical even Pass Cards. Lump them all into the equation. (There is plenty of advice available).

NOW, You can start to FORMULATE YOUR STRATEGY - After some very careful soul searching, and I recommend YOU DO THIS mutually.

DECIDE WHAT YOU DO NOT NEED - Dispose of. In order to reduce the burden of expenditure:-

Material items. (cars, boats,second homes etc)

Financial items. (insurance, investments, items of value)

NOTE:- (Always obtain additional advice before disposing of anything from this sector).

Consider downsizing in order to reduce overheads, and maintenance load.

You most probably have equity in your house - Realise some of this capital. (again take expert advice).

Look into the possibility of purchasing more than one property. (holiday home, time share, static home) in order to achieve a secondary income and allow you a retreat, when the weather is bad, and bills are at a peak.

It may be advantagous to take in a lodger. Either permanent or occasional. (Check out mortgage, rent, insurance, and tax implications)

IF ALL ELSE FAILS - And you still cannot square the circle.

You may have to:- "GET A JOB"

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