Securing your finances in senior years
Most seniors want their accumulated funds to provide for a comfortable life after retirement. The freedom to maintain their lifestyle, spend time with their loved ones, travel well, explore their interests and have adequate cushion for medical needs and emergencies are common aspiration for every senior. With rising costs, inflation, investment risks and unforeseen events, this requires some planning and management. This survey takes a look at how seniors are planning and will help you see where you stand.
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Did you do a formal Financial planning exercise post your retirement?
I have done it
I did not create a formal plan but I have a mental plan
I know I need it but not got down to doing it
I have an advisor who does the planning and I do not worry about it
I do not think I need to plan
Which of the following planning actions have you taken so far? (check all that apply)
1. I have engaged a Financial planner with whom I consult often
2. I had once engaged a Financial planner who made a plan for me and I just follow that
3. I have listed down all my financial goals and have designed my portfolio of investments accordingly
4. I maintain a register of all my Assets and Liabilities which I review and update very regularly
5. I create an Annual budget, forecasting all expenses and then ensure that I spend within the budget
6. I have ensured that my Assets are left in a state so that they could be easily transferred as required
7. I have made sure that my spouse is fully aware about the status of our finances
What else have you done for your Financial planning that is not listed above?
How often do you review your investment portfolio
At least once a month
Once in three months
Once a year
Less often than once a year
Do you believe that working with a professional financial planner is useful?
No, one should prefer to rely on my own knowledge /experience of friends/family
What is the reason for your belief about professional financial planners?
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