7 key steps for retirement life planning - HSBC HK (2024)
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To thoroughly plan your retirement, the following 7 steps (in any order) are considered essential: think, budget, share, act, save, protect and review.
To thoroughly plan your retirement, the following 7 steps (in any order) are considered essential: think, budget, share, act, save, protect and review.
In contrast to the more conservative 4% rule, the 7 percent rule suggests retirees can withdraw 7% of their total retirement corpus in the first year of retirement, with subsequent annual adjustments for inflation.
Embrace the 30X thumb rule: Save 30X your annual expenses for retirement. For example, with annual expenses of ₹25,00,000 and a retirement in 20 years, aiming for a ₹7.5 Cr portfolio is recommended.
Three R's for a Fulfilling RetirementRediscover, Relearn, Relive. When we think of the word 'retirement', images of relaxed beachside living or perhaps a peaceful cottage home might come to mind.
The 6% Rule in retirement planning is a guideline that suggests you can safely withdraw 6% of your retirement savings annually without depleting your retirement corpus.
The 7 Percent Rule is a retirement planning strategy that proposes withdrawing 7% of your retirement savings annually to sustain your financial needs during retirement.
One example is the $1,000/month rule. Created by Wes Moss, a Certified Financial Planner, this strategy helps individuals visualize how much savings they should have in retirement. According to Moss, you should plan to have $240,000 saved for every $1,000 of disposable income in retirement.
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