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Just how much money would you need in retirement?

Are you confused when deciding to save for their retirement? Most people’s concerns when thinking about retirement planning are such questions as; how do I know what amount I will need to live on at retirement? Which pension option should I select? When should I start collecting Pension benefits? How will I pay for my health care at retirement?

To address these concerns, we are going to ask you a series of questions to help you come up with a rough sum of just how much you may need at retirement and illustrate how our partnership can be that extra pair of hands that you may need.

  1. First, what are your retirement goals? Do you have any?

Easy question? No, It is never that obvious. Think of all the things that could make you sad in your old age which you would have avoided if you knew beforehand. This process helps us evaluate your goals and advise on the best retirement plans. We suggest you list down your top twenty retirement goals, arrange your goals into short, medium, and long-term goals. Assign a sum to each goal where appropriate.

  1. What is your current financial position?

A lot of time you cannot tell this right away, that is where we may come in. To help you achieve your retirement goals, you need to take stock of where you are today and assess your retirement budget needs. To find out your risk exposure, we go through a process of risk analysis with you.

 Once our team understands what your goals and your retirement budget is, we are great at finding the perfect solution. Even when it may not be obvious to you. For a start, you may need at least 10 to 14% of your active income to meet your goals in retirement. Preparing a retirement budget is an especially important task.

  1. Can you get the best pension plan with the best earning interest scheme?

Finding a perfect plan with maximum interest earner isn’t easy, but this is where we thrive as Bima Hakika, 

Our team may not do anything different from what you would do. You could find yourself a perfect plan at a perfect interest rate if you had the time and understood how retirement schemes work but that is just it. 

So, once our team understands your exact need and budget, we will help you get into the best schemes, at best interest within no time at all, and knowing this is a long-time plan we will keep evaluating the market and advising you when change of scheme is necessitated at no cost.

  1. So we’ve figured out most of it, but what are the options available?

This part, you can leave it to Bima Hakika, we will help you make the right call.Our team will advise you on the priority options so you can adjust your budget if need be to accommodate this especially important financial goals. 

If you are employed, most employers offer an automatic payroll deduction option for deposits into the pension plan, and the retirement plan administrator usually a separate financial institution handles statements, disclosures, and updates. Key benefits of employer- sponsored plans.

For self-employed, or run a small business owner, you might have a separate set of retirement plans at your disposal allowing you to invest in an individual pension plan (IPP). 

To get the most out of the insurance industry as a customer, you need the right team with the right mindset in your corner!

Our team adopted a cultural shift away from traditional insurance, one that prioritizes seamless customer experience, customer feedback and rewards customer loyalty.

Take charge of your future financial security today! Talk to one of our brand promise executives.

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This article is written by our Principal Officer Winnie M., who has vast insurance knowledge spanning over 10+ years in the industry. You can write to her and/or share feedback via this email bimahakika@gmail.com

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