Are Your Finances Retirement Ready?
Have you said to yourself “I want to retire now!?” I think almost all of us have been there. Now the questions is, “Are your finances retirement ready?” This simple quiz will help you know for sure.
1. Has a licensed financial professional calculated how much money you will need in retirement; from the day you retire to the age at which you oldest relative died? (This amount needs to factor in inflation)
Yes – Great! If you want greater peace of mind, we will double check the calculations for you.
No – We are able and willing to do the calculation for you. We will consider all your current and future costs so are confident in your decision.
2. Based on the financial professional’s calculation, have you already amassed the amount need for all your retirement years?
Yes – Fantastic! We will suggest the best investments to help you to enjoy financial comfort for all your years to come.
No – We will: a) calculate your shortfall; b) share how much you needed to consistently invest to close the gap; c) suggest financial changes, if needed; d) suggest the JMMB Retirement Solution or other appropriate investment solutions based on your circumstances.
3. If you have not yet amassed all you will need in retirement, will your passive income from your business, rental income etc. exceed your ALL of your current and future expenses? (Remember to include one-off major costs, including medical bills)
Yes – You should be proud of yourself! Now let us help you to structure your cash flow so you will feel even more secure. Also, sign up for JMMB’s SME Resource Centre to access free webinars and other resources to help you to sustain and grow your business.
No – We have excellent loan facilities to help you to purchase the rental property and or start your business venture.
4. Are you free of all financial dependents? (E.g. Children or aged parents)
Yes – Wow!
No you answered “yes” to question 1 as well as 2 or 3 you have included ALL current and future costs of your dependents, then congrats you are still in a good place! However, if not it is important to ask us about: a) the JMMB Graduate investment which will prepare you for all costs associated with child(ren)’s education; and/or b) appropriate investments and insurances to assist with health and funeral expenses.
5. Are you debt free?
Yes – Congratulations!
No – You can still retire now if a) If your loans will end before you retire; or b) you answered “yes” to question 1 as well as 2 or 3 having included ALL current and future loan repayments in the calculations. However, if not ask your JMMB financial partner about: a) restructuring your debt so they can be repaid faster and/or b) debt consolidation so you can lower your monthly repayment and possibly clear it off faster too.
Are you retirement ready? If you call us today on (876) 998-5662 you may enjoy the bliss of relaxing in retirement even sooner than you think!
Written by: Michelle Sinclair-Doyley, corporate manager, Group financial partnership support & financial education