One year closer to retirement

The new year is a time of excitement and possibility, while the thought of retirement can sometimes be daunting and even scary. But upon closer examination, there are several similarities between these two events. 

A new beginning 

Both the new year and retirement represent a new beginning. The new year is a time when we can start fresh, set new goals, and make positive changes in our lives. Retirement, too, is a new beginning, as it marks the end of our working years and the start of a new phase of life. In both cases, we have the chance to reinvent ourselves and make the most of the time left.  

Now is a good time to review your current retirement plan. Your savings may not be enough. Even if you've been saving for retirement for many years, your savings may not be sufficient to support you for the rest of your life. Inflation, unexpected expenses, and changes in your financial situation can all impact how much money you need for retirement. 

A time of transition 

As the new year arrives, we may be transitioning from one stage of life to another or moving on from the previous year's challenges. In the same way, retirement is a time of transition, as we move from the world of work to a new phase of life that may be filled with new challenges and opportunities. 

To prepare yourself for retirement, you need to relook your investment strategy as it may not be working to your benefit anymore. Over the years, your investment strategy may have changed, or the market may have shifted in ways that impact your savings. Reviewing your investments can help you ensure that your money is being put to work in the most effective way. 

Another reason to review your retirement plan at the beginning of the year is that it can help you to take advantage of any new opportunities or changes in the law that may affect your retirement savings. For example, changes to tax laws are often announced in February with the annual National Budget speech, and these changes may have an impact on your retirement savings. By reviewing your plan at the beginning of the year, you can make sure that you are taking advantage of any new opportunities or making any necessary adjustments to your plan. 

A time for reflection 

As we celebrate the arrival of a new year, we may take time to look back on the previous year and consider what we have accomplished and what we still want to achieve. In the same way, as we approach retirement, we may reflect on our careers and our lives thus far and think about what we want to do with the time we have left. 

Reviewing your retirement plan at the beginning of the year can help to keep you motivated and focused on your goals. As the year progresses, it can be easy to get caught up in the day-to-day demands of life and lose sight of your long-term goals. But by reviewing your plan at the beginning of the year, you can remind yourself of what you want to achieve and stay focused on your goals throughout the year. 

As we celebrate the arrival of a new year, let's also take a moment to think about our retirement and what we can do to make the most of this new phase of life. 

A regular review of your plan can help to ensure that it remains on track, take advantage of new opportunities, and keep you motivated and focused on your goals. So if you haven't already, make sure to contact a financial adviser to review your retirement plan at the beginning of the year. By taking the time to assess your savings, investments, and potential benefits, your financial adviser can ensure that you have enough money to support yourself during your golden years.