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How to stay on track with your retirement goals

With all the uncertainty in today’s world, retirement planning can quickly fall to the bottom of people’s financial priority list. But if you’ve already set up a retirement fund through a life insurance or VUL insurance plan (life insurance with investment benefits), then kudos to you!

Now that you have the insurance plan and financial protection in place to secure a comfortable and worry-free retirement, the next step is to ensure you stay on track to achieving that goal. Wherever you are in your retirement plan, now’s the time to start honing in. Here are some tips to help you stay committed and consistent with your retirement goals.  

Visualize your life as a retiree

Picture your life as a retiree. Whether or not you envision yourself relocating by the beach or in a cozy cabin near the mountains, there are still bills to pay and expenses to budget for. 

The necessities: food, clothing, and transportation. Add to that your housing, utilities, and maintenance expenses. Next, take into consideration healthcare and medicine costs. And then you have the retirement travel and leisure plans you’ve been looking forward to all your working years. 

Keep these in mind as you save up and allocate for your retirement fund monthly or annually.  You can also seek advice from your Financial Advisor on topping up your VUL plans for higher returns in the future. 

Automate your retirement savings and premium payments 

Instead of sending everything to your savings account, look to automatically send part of your paycheck to a retirement account. This way you can consistently contribute a portion of your savings for your retirement and minimizes the temptation of spending your extra cash on “wants” rather than your “needs”.

The same goes for your premium payments. Enrolling in autopay facilities will ensure your insurance premiums are up to date, you get to enjoy the protection benefits of your policy, and you stay committed to preparing for your retirement fund. 

Create an emergency fund

Having at least six months- to a year’s worth of expenditures for your emergency fund means you won’t need to dip into your retirement fund in case of sickness, unemployment, or other unexpected financial hurdles. 

Clear your debt

Be sure to pay off your debts regularly so that by the time you reach your retirement, you won’t need to worry about them or allocate a certain amount of your savings to pay them off. 

Remember, life insurance and retirement plans add great value to your retirement savings. But they will only come to fruition in time if you commit to them. It’s easy to be lax with your retirement fund because it seems so far into the future. 

That’s why, as early as now, it’s better to develop a laser focus and sense of urgency on your retirement goals. Doing so will help you incorporate your retirement plans into your overall life strategy.


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