In: Finance
What are some things you will need to consider when writing your financial plans for retirement?
Things I will need to consider when writing my financial plans for retirement will be-
1.Retirement strategy involving complete strategy of managing my cash flows and finances.
2. it will also involve risk management plan which will involve risk exposure into various asset classes and minimising the overall risk in order to maximizing the overall return.
3. Tax management will also be considered because tax accounts for a large portion of expenses and if I am able to manage my tax efficiently I will be getting a financial edge.
4. Estimation of proper way of income and all such allocable expenses proactively.
5.government benefits should also be considered and only investment into such planns should be considered where a lot of risk management and benefits are associated along with government backing.
6.long term investment plan should be considered in order to figure out where to invest my monthly income in order to manage my finances effectively in the long run and become financially independent as soon as possible.