Retirement Planning: Smart Investing The Key To Living Large
How many times your expenses should you ideally be saving for when you retire?
Retirement is not just about clocking out of your nine-to-five or handing over the reins of a long-term business. It's about embracing a new chapter filled with possibilities and change.
"Maybe you eat out a few times less, but should you see the Eiffel Tower while you can?" asks Shalini Sekhri, chief growth officer of Renaissance Investment Managers. For many, retirement signifies the end of a long career and the start of the relaxing 'golden years'. Yet, the financial anxiety that often accompanies this transition can hinder that expected enjoyment.
Living in a bigger city can directly impact expenses. While many may think that downsizing, and moving to a tranquil, smaller city for retirement could cut costs, there could be more to it.
Many retirees also grapple with the notion of leaving behind an inheritance for their children, when they should focus on using their savings to enhance their own lives, according to Sekhri. Inheritance "should just be a byproduct of what's left after you've done everything that you choose to do".
How many times your expenses should you ideally be saving for when you retire? How can you ensure that your golden years remain uncompromised? In this episode of Big Decisions, Sekhri sheds light on the emotional and financial rollercoaster of retirement saving and spending.
