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By Sylvia Lim CGA, CFP

Changing needs, changing plan:

There’s no doubt that the key to ensuring you have choice in retirement is financial security, and to achieve financial security, you must stay on top of your financial plan. The main objective of retirement planning is the preservation of your standard of living and the minimization of your chances of running out of money. You may also have other objectives, such as pursuing a hobby or interest, planning for long-term care in your advanced years, and preserving your capital to leave to your heirs.

If you are single, it’s important that you start planning now, no matter what your age. The fact is, you have only yourself to rely on. You must realistically budget for your retirement years. Many single seniors are women who are barely making ends meet. Starting to plan as early as possible is crucial for your well-being in retirement.

If you are part of a couple, your finances may be in better shape. You will likely be receiving two income streams while sharing expenses for one household. However, it is incumbent on both of you to communicate your retirement needs and goals to one another. Documenting these wishes can help you avoid misunderstandings later. And even if you are part of a couple now, consider planning also for the eventuality of being single. Undoubtedly, it will happen to either you or your partner at some time.

Regardless of your marital status, planning is crucial to your financial and lifestyle success. These sentences were moved to the beginning of this ‘spin-off’ chapter.] Planning is an ongoing process for the rest of your life.

Surveys and statistics showed proof that aging baby boomers are living longer and healthier lives. Many of them intuitively realized that their investments must also stay healthy, in order to continue providing them with a healthy stream of future income.

That’s why it’s important that you stay on top of your investment plan at retirement.

—- Excerpt fromĀ Finances After 55, a book for the baby boomers and their parents.

Find more saving and finance tips in Sylvia’s books–visit theĀ Books page.

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