Discover how to enhance your retirement plan with strategic adjustments tailored for those in their late career stages, ensuring a more secure and enjoyable retirement.

it's important to conduct a comprehensive review to assess your current financial status, future income needs, and retirement goals. Engage with a financial advisor to identify gaps in your plan and explore options to enhance savings, investment returns, and tax efficiency. Implementing these tailored strategies promptly can help secure a more stable and sufficient retirement fund, adjusting for factors like inflation, healthcare costs, and longevity risk.

What do you do if your retirement strategy lacks adequate planning?

Realizing your retirement strategy isn't as robust as you thought can be unsettling. The good news is, it's never too late to adjust your course. Whether you're approaching retirement age or already there, taking a hard look at your financial situation is crucial. You need to assess your current savings, expected lifestyle, and how long you need your money to last. This may mean reevaluating your investment strategies, considering part-time work, or adjusting your retirement timeline. Remember, the goal is a comfortable retirement, and that often requires flexibility and a willingness to adapt your strategy as circumstances change.

1 Assess Gaps

Start by identifying where your retirement plan falls short. Look at your savings, your expected retirement age, and the lifestyle you wish to maintain. Are your savings on track to support you for potentially 20-30 years post-retirement? If not, pinpoint the specific areas that need reinforcement. This might involve increasing your savings rate or adjusting your investment approach to seek better returns. Remember, the earlier you identify these gaps, the more options you have to bridge them.

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Ohannes Bedrossian, PfMP, PgMP, PMP, RMP, PMO-CP, PMI-ATP

Head of PMO | PMO Director | PMO Lead | Certified Project Portfolio & PMO Manager | Business Transformation Expert | Helping Organizations with Digital Transformation | PfMP®, PgMP®, PMP®, PMI-RMP®, PMO-CP®
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it's important to conduct a comprehensive review to assess your current financial status, future income needs, and retirement goals. Engage with a financial advisor to identify gaps in your plan and explore options to enhance savings, investment returns, and tax efficiency. Implementing these tailored strategies promptly can help secure a more stable and sufficient retirement fund, adjusting for factors like inflation, healthcare costs, and longevity risk.

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2 Update Goals

Your retirement goals should reflect your current financial reality and anticipated needs. It's critical to set realistic targets for your savings and to understand the income you'll need to sustain your desired lifestyle. If there's a discrepancy between your goals and your current trajectory, consider what changes are necessary to align them. This could mean reevaluating your desired retirement age or lifestyle expectations to ensure they're attainable.

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3 Investment Review

Reviewing your investment portfolio is essential in shoring up a lacking retirement strategy. Ensure your investments are diversified across different asset classes to mitigate risk. If your portfolio is too conservative, you might be missing out on growth opportunities; if it's too aggressive, you may be exposed to unnecessary risk. Adjusting your asset allocation can help balance growth potential with risk management, which is crucial as you approach retirement.

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4 Income Streams

Exploring additional income streams can bolster a retirement strategy that's not quite up to par. This could involve continuing to work part-time during retirement or turning a hobby into a source of income. Another option is to look into annuities or other financial products that can provide a steady income stream. Diversifying your income sources can provide extra financial security and flexibility.

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5 Expense Management

Managing expenses is just as important as generating income. Take a close look at your expected retirement expenses and identify areas where you can cut back without significantly impacting your lifestyle. This might mean downsizing your home, reducing discretionary spending, or finding more cost-effective ways to enjoy hobbies and travel. A leaner budget can make your savings last longer and reduce financial stress in retirement.

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6 Professional Advice

If you're unsure about how to improve your retirement strategy, seeking professional financial advice can be invaluable. A financial planner or retirement advisor can offer personalized guidance based on your unique situation. They can help you navigate complex financial decisions and develop a comprehensive plan to ensure you're on track for a secure retirement. Don't hesitate to reach out for expert help if you need it.

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Hady Khayrat

Strategic Visionary: Bridging Continents and Industries for Business Excellence | Digital Transformation, PE Value Creation, Sales Enablement, Capital Projects Optimization, AI Strategy & Governance |
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Rethinking your retirement strategy? Chatting with a financial planner can be a game-changer. They’re like navigators in the complex world of finance, tailoring a plan that fits just right with your life’s blueprint. They’ll guide you through the maze of decisions to make sure your retirement isn’t just a hope, but a well-mapped-out journey. If you’re hitting a wall, don’t go it alone. Expert advice isn’t just helpful; it’s crucial. Make informed choices today that pave the way for a secure, worry-free retirement.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Prof (Dr) Naveen Sirohi

A Multidimensional कर्मयोगी | Government, Regulatory & Corporate Affairs Expert l Ex-banker | Academic Leader @ Govt of India 🇮🇳 Think Tank l Occasional Creator ✏️ sharing Wisdom around Business, Money & Life
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Let me share a little-known back-up strategy to overcome any retirement planning gaps - known as reverse mortgage. How it works? Let me explain. We all have built atleast one real estate asset / house (mortgage free) before retirement. The same property can be mortgaged with the Bank to fund monthly payments to fill the retirement planning gap. it’s like reverse EMI with bank paying to you now. The best part is that you can continue to live in the same house and increase your cash flow. It’s like killing two birds with one shot. How do you feel about it? Share your thoughts

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Gustavo Casanovas

Happy Grandfather / World Traveller / Helping People to Succeed / Mentor / C-level / Retired MD & TTS LATAM ExCo member@Citi / Banking Senior Executive / UADE Argentina / CeCo Spain / ICE UNCTAD-GATT Italy / Citi Alumni
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- Start investing for your retirement early - Retirement is a long term investment not trading - Put your self a retirement date or age in order to start planning - Differentiate Retirement Planning, Current investments and a bucket for Non Usual or Unexpected Expenses The first one must be planed and executed according to your life expectation (combined with an insurance) and level of your life expenses The second one is the percentage of your incomes that you feel comfortable to invest for vacations, mortgage,leasing, etc The last one is a cushion the you have, at least, equivalent to three months of expenses Perform annual controls, assess any gap and take the corrective actions.

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What do you do if your retirement strategy lacks adequate planning?

1

2

3

4

5

6

7

1 Assess Gaps

2 Update Goals

3 Investment Review

4 Income Streams

5 Expense Management

6 Professional Advice

7 Here’s what else to consider

Strategy

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What do you do if your retirement strategy lacks adequate planning?

1

2

3

4

5

6

7

1 Assess Gaps

2 Update Goals

3 Investment Review

4 Income Streams

5 Expense Management

6 Professional Advice

7 Here’s what else to consider

Strategy

Rate this article

Thanks for your feedback

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