07/04/2020
โฃโฃ[๐๐ ๐๐ซ๐ ๐๐ฅ๐ฅ ๐๐ฑ๐ฉ๐๐ซ๐ข๐๐ง๐๐ข๐ง๐ ๐
๐จ๐ซ๐๐๐ ๐๐๐ญ๐ข๐ซ๐๐ฆ๐๐ง๐ญ]โ
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Imagine you are retired at a healthy age of 75, and have restricted movement capabilities (due to age), restricted food choices (due to your health), restricted choice of hobbies to explore, and all the assets you have : are the only assets you will have. โ
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Today YOU are in exactly this condition, we have been forced to retireโฆ how prepared do you feel? ๐คโ
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Today You have restricted movement and restricted choice of food and hobbies and restricted income choices.. how ready are you? ๐คโ
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Retirement can be voluntary or involuntary, voluntary is when you choose to retire, but in involuntary retirement you are FORCED to retire, this can also happen due to an illness.โ
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This is the BEST TIME for YOU to experience RETIREMENT and judge how well prepared you are for it.โ
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Age and Health in retirement along with Income sources will be your biggest Assets. Today is the best time to check how well prepared you are for it. If you are in your 30โs or 40โs, itโs a wake up call. If you are in your 50โs and 60โs itโs a reality check.โ
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Spend time this quarantine and examine how your income would continue, how dependant is your income on economic markets? and how guaranteed is your โhypothetical incomeโ from Assets like Properties, Bonds, Government, Equities, Fixed Deposits and Annuities?โ
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How easy is it for you to overcome your liability exposures and how financially secure is your family?โ
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This is the best time to discuss your financials with your financial advisor and get clarity on what options you have to consider when doing financial planning.โ
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๐ Remember the Rule Of Thumb for your financial planning:โ
1. Income protection due to illness should at least cover you for 5 years of your Incomeโ
2. Income protection due to Death should at least cover 10 years of your Incomeโ
3. 20% of your income should be put aside for your retirementโ
4. 5% of your income should be kept aside for your kidโs education