Wealth Management: What should I know about retirement planning? What are the things I should consider when planning for retirement?

Retirement planning is an essential aspect of wealth management.

As a business owner, you will need to consider the following issues:
  • The timing of your retirement

  • The amount of money you need to continue your current lifestyle

  • The succession plan as to who and how the business will be run after you retire. This is to ensure that there is a plan in place which will maximise the selling price of your business or enable the business to continue with minor disruption

Factors to consider when developing a retirement plan are:
  • Future retirement needs

  • Current living standard / style and future expenses

  • Total funds accumulated (investment and savings) taking into account inflation, insurance and taxation

  • Family circumstances (number of dependants, age, education needs, etc.)

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Reprinted with permission from BankingInfo (A Consumer Education Programme by Bank Negara Malaysia)

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Knowledge Base ID :   1436
Last Reviewed :   May 22, 2014
Source :   BankingInfo
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