Retirement planning means different things to different people. For our purposes we are talking about the time when we leave the ‘office’ or employment especially due to age. It is the time when we are no longer able, or choose not to earn an income from our physical endeavours.
Simply put, the more wealth you can accumulate for your retirement, the more self reliant you will be however we can’t all rely on the Auckland housing market.
Your wealth includes all of your assets such as house, shares, cash and deposits, real estate, holiday home and business. Wealth accumulation is not just about superannuation schemes. All assets have the ability to be converted to cash if required at a future time.
In the first instance it is more important to focus on the total wealth required for retirement. Once that is done you then decide on the accumulation method. Furthermore all methods of accumulation such as term deposits, managed funds and paying off the mortgage are valid.
At Nairn Fisher we will assist you to identify your retirement goals and work out how much you need to put away to reach them. For business owners this exercise informs business planning as well.