Personal Financial Planning : Retirement Planning Essay

914 WordsAug 23, 20164 Pages
Personal Financial Planning - Retirement Planning By Aaron Lau | Submitted On February 19, 2010 Recommend Article Article Comments Print Article Share this article on Facebook Share this article on Twitter Share this article on Google+ Share this article on Linkedin Share this article on StumbleUpon Share this article on Delicious Share this article on Digg Share this article on Reddit Share this article on Pinterest Advances in medical science have resulted in people living longer. This increase in life expectancy makes retirement planning even more crucial. Furthermore, with better affluence, there is also an increase in demand for a better lifestyle during retirement. The objective of retirement planning varies depending on circumstances, and normally includes: - Maintaining a self sufficient pre-retirement standard of living - Coping with increasing health care cost - Protection of property and against personal liability - Providing for dependents - Estate planning The process for retirement planning: Step 1: Overcome Obstacles Step 2: Determine Goals Step 3: Measurement Step 4: Reference Point Step 5: Overall Plan Overcoming The Road Blocks There is only a limited period of accumulation and a continuous period of consumption. The first step is to overcome the many obstacles hindering retirement planning. These include spending beyond means, unprepared for unexpected expenses (like repairs), inadequate insurance (like property loss, medical bills),

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