4 Steps In 10 Minutes To Transform Your Financial Future

Terry was shocked, when she saw her retirement numbers, because she could not believe that having changed her poor financial habits 10 years ago; she moved from not being able to cover 50% of her projected income in retirement and being totally depressed, to now being on track and happily anticipating retirement. 

Assess Your Readiness

Terry's story illustrates that consistent contributions and strategic financial planning can dramatically change one's retirement outlook.  To assess your retirement readiness, ask yourself these critical questions:

• How much do you currently contribute towards your retirement?
• If you continue contributing that amount, will you have enough to replace your monthly income at your desired retirement age?

Recovering From Financial Mistakes 

Prior to my career in finance, just like Terry, I felt hopeless having made terrible financial choices.  1) Upon resigning from my former employer, I took all my pension funds, placed it in my expense account and spent it gradually on bills.  2)  I did not contribute towards the pension plan at my next place of employment.  3) I bought a car that was great for my public profile, but left me broke and unable to save.   

By making some radical changes to my financial habits, including being committed to earning much more and being consistent with my contributions, I was able to transform my financial situation, and so did Terry. Based on our experiences, I am equally confident that, if you have made financial mistakes and are willing to make drastic changes, you can recover and transform your financial situation too.

4 Steps You Can Take In 10 Minutes

Take a few minutes and answer these questions: 
1.  What do you want your retirement to look like?
2.  Why does this retirement dream mean so much to me? 
3.  How much do I need to contribute to make my retirement dream a reality? Now, be brave and calculate your retirement numbers, by visiting the JMMB retirement hub, Hello Future, at https://hellofuture.jmmb.com/retirement-calculator. (Pro Tip: Ensure you set the inflation figure to at least 8% and estimate the rate of return to 11%).
4.  What action should I take to make my retirement dream possible? If you are committed to having the retirement of your dreams, enter your contact information as requested by the calculator. JMMB will contact you and guide you towards the retirement of your dreams. Like Terry and I, you will be happy you made this step. 

 

Written by: Michelle Sinclair-Doyley, Manager, Client Financial Education and Partnership, JMMB