Not everyone should necessarily have the right acumen for financial planning as no financial model or plan is perfect for everyone. Like the different life styles, financial needs of individuals too vary from each other so are their financial plans. Winning fathom over personal financial planning greatly depends on one’s own perception of potential financial risks and liabilities.
The general conscience of personal financial planning of people advises to save at least ten percent of monthly income. This proportion is further divided into 5% for cash savings, 2% for property and 3% for gold. At the same time, it is wise to save certain portion of half yearly income for insurance plans to recoup future risks.
This half yearly saving aims at preventing you from withdrawing money from savings for post retirement in case of any emergencies. This is also true that such models are not actually enforced in the way these are supposed to be due to miscellaneous expenses. When framing a personal financial plan from the scratch, one may have to quit various ongoing savings or have to bulge out some new ones. Let’s dig a deeper into the average pre-retirement and post-retirement liabilities:
Some common Pre-retirement and Post-retirement liabilities
The simplest way to calculate is to give primary share to the most crucial expenses of everyone’s life and to keep other liabilities subjected to life styles at the secondary place. The primary share of savings should be devoted to pre-retirement standard of living, health care costs, insurance against property and personal expenses and for dependents. Simultaneously, it is also important to square out potential post retirement costs related to life style, time of retirement or early retirement, estimated health costs, liabilities towards dependents and for investment plans. Perfect personal financial planning should be flexible enough for sudden changes while keeping space to include upcoming beneficial investment plans.
Personal wealth management appears like merely dividing different portions of savings for different objectives, but it is something far beyond the same. Becoming an expert of numerology of financial planning for retirement is not your job unless you are adept players of share market or real estate. Or you need to be Einstein of finance sector of your country having clear picture of taxation and returns on investments. If you are not one of those aces then you need assistance of a wealth management advisor, which can perform your end to end financial planning for retirement.
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