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RETIREMENT PLANNING

How many people do you know that claim they have saved too much for retirement? Many people also believe they will spend less once they retire. This often is not the case as you have more time available to enjoy those things you could not do whilst you were working. If you want to sustain your lifestyle into your retirement you need to save for this.Most people cannot retire comfortably because they do not plan for this event and usually delay the implementation of their plan. This delay can make the difference between having the freedom of choice to do what you want to do or to be dependent on other parties to look after you in your golden years.Early planning is essential to avoid retirement pains later on and the following example shows what this cost of delay can do to your security during retirement:1. 25-year old, saving US$ 1,000.00 per month until age 65 into an offshore retirement plan will receive US$ 6,376,780 assuming a 10% growth in the fund value.2. 28-year old, saving the same amount will have US$ 4,698,661.

By postponing the decision by three years this individual has saved US$ 36,000.00 in regular investment but has lost US$ 1,678,118 in retirement funds. This is the concept of compounding.

Local pension providers often do not have enough asset classes available to properly diversify your retirement plan. The size of the local stock exchanges often do not allow them to properly diversify, with the result that most of your retirement funds get invested in short term government bonds (treasury bills), which means that you are trying to structure a long-term investment strategy by using short term investment vehicles. This usually will lead to disaster. On top of this most senior executives do not receive tax benefits on most of their contributions.

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