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Retirement Planning and Provident Funds

Ask a dozen people what they expect their retirement to be like and you will probably hear a dozen different responses. Retirement is a journey, not a destination and when it comes to planning for retirement, the earlier you start the better. Some people put off this planning because retirement is so far away that it does not seem like a pressing concern; others don't plan because they just don't think they have the room in their budgets for any retirement savings or because they expect government social security fund or employers' provident funds to take care of them. Whatever, the reason for the lack of planning, it's a mistake and potentially extremely costly one.

Several new trends are changing the way we look at and manage retirement savings ranging from increasing life expectancy; rising health care costs; reduced purchasing power due to inflation and volatile investment climates. In light of these developments, retirement planning is more important than ever and it is no longer enough to simply try to preserve your retirement reserves. Experts generally agree that you will need roughly 70% to live on from your current annual income to maintain the standard of living after you stop working.

One principle to keep in mind is to make the most of every possible tax-efficient retirement saving vehicles including registered provident funds, retirement mutual funds (RMF) and long-term equity funds (LTF).

Although, retirement planning is, at times, a complex subject but it does not need to be overwhelming. By learning about the retirement tools and calculators that are available on our web site, our financial planners will help you set your saving targets, by determining just how much money you will need to finance your retirement and look at the investment vehicles, both on shore and overseas, that can help you reach that financial goal.

As a result of regulatory and demographic changes, providing for retirement savings is moving from a government responsibility to that of the individual. Finansa is helping this process by being the first asset management company to offer "Employee's Choice", whereby we are able to offer "personalized" portfolios for those that belong to company sponsored provident funds as well as the self-employed and small business owners by using a comprehensive mix of RMFs and LTFs.

For more information, please go to www.finansa-asset.com