How to Retire With More Money in Your Pocket

i How to ? RETIRE With More Money in Your Pocket Financially Planning How to Retire 4 Fundamentals to Start Saving 1) Budget Spend 50% on necessities, 30% on expendable income, and save 20% for the future. Emergency Fund Have twice the cash amount of the largest unpredicted expense you recently had. Work towards having 6 months of expenses. Automatic Paycheck Deduction Set an automatic deduction for each paycheck to start building your savings. $100 every month for 30 years could grow to $141,000 at 8%. Balanced Lifestyle Maintain a consistent lifestyle. Your raises need to accrue to your retirement savings, not your expenses. 7 Steps to Maximise Your Savings Plan Match Contributions If your employer offers a matching contribution on your employer supported savings plan, contribute enough to receive it. The match is an investment with a guaranteed rate of return. Tax Advantaged Accounts Open one where available. Examples include an IRA or Roth IRA in the US, an ISA in the UK and a RRSP or TFSA in Canada. Savings Employer Supported Pensions Seek out information on these plans. Examples include a 401(k) plan in the US, NEST in the UK and Superannuation in Australia. Avoid Borrowing A savings account is not there for short-term financial problems. Job Changes Do not cash out your current employer supported retirement program. Transfer it to your new employer or into a private pension plan. Savings Increase Saving Annually Aim to save 50% of your annual raise every year. Reduce Debt Channel a portion of your savings budget to reduce any personal loans or high interest credit cards as the rates for these are much higher than what you can earn from savings. 10 Tips for Investing With Financial Advisors The best investment portfolio is a diverse one as it reduces risk. Financial advisors should display the following traits: Are honest, competent, and display ethical conduct that is legally compliant. Give independent objective advice and assistance based on informed analysis, prudent judgement and diligent effort. Communicates clearly, accurately, completely and timely using plain language. 3 Put your financial interests over theirs and their organization. Have a history of fair treatment to other clients. Explains all fees and the information relating to the fees to ensure they are fair and reasonable. Prioritises confidentiality. Discloses any existing or potential conflicts of interest. 10 Understands your circumstances so that the advice they give is suitable and based on your individual financial objectives and constraints. Maintains a complete and appropriate record of work done on your behalf. Source: CFA Institute, Essentials of a More Secure Retirement and Statement of Investor Rights. Financially Planning Where to Relire Top 10 Best Countries to Retire Mexico 87.6% Ecuador 92.7 % Panama 90.6% Spain Malaysia Malta 86.1% 86.8% 86.1% Costa Rica Thailand 86.6% Colombia 84.6% 85.4% Portugal 84.8% The Case for Retiring in Ecuador Low Cost of Living Benefits and Discounts for Over 65s Q A retired couple can live well on $1,400 per month, including rent. O Discounts on flights originating in Ecuador. O A doctor's visit is $10 on average Up to 50% off entry to movies and sporting events. and a main course in a restaurant starts from as little as $2.50+. O 50% off public transport and utility discounts. Great Value Real Estate A Strong Economy O One of the best value real estate markets in the world. O One of the most robust economies in South America. t2$ Q A free landline if you purchase a property. O Its GDP has grown an average of 4.54% per year since the year 2000. O Investment in infrastructure is continuing to improve as a result. Healthcare and Transport Entertainment and Integration O World class medical facilities in the larger cities. O Biking, fishing, zip-lining, hiking, and rock-climbing are popular entertainment options that are readily available. Direct flights to and from the USA in Quito and Guayaquil. Has a growing expatriate population making it easy to integrate. O A very efficient public transportation system with many expats reporting that they do not have to buy a car. O Friendly locals, some of whom are bilingual. Climate and Culture Access to a staggering variety of environments and cultural hotspots. These range from the vast Pacific Ocean and the Galapagos Islands, one of the world's most important ecological sites, to the Amazon Rainforest and the Andes Mountain Range. O 12 hours of direct equatorial daylight 365 days a year with climate changes dependent on which of the 4 distinct geographical regions you reside in. So International Living Annual Global Retirement Index 2015 References www.cfainstitute.org/learning/future/learn/Pages/retirement.aspx www.cfainstitute.org/learning/future/Documents/retirement_essentials.pdf İnvestorrights.cfainstitute.org/en/#secondPage/9 internationalliving.com/2015/01/the-best-places-to-retire-2015 internationalliving.com/countries/ecuador/ecuador-climate EASYLIFECOVER www.easylifecover.ie