Retirement Planning For The Self-Employed
A strong retirement plan is essential for anyone who’s self-employed. Without the safety net afforded to us when we work for someone else, the responsibility of your business’ success lies solely on you.
Having a retirement planner that understands your needs and your challenges can mean the difference between an uncertain future and a comfortable one.
That’s where the team at MyFuture has you covered. We have worked with countless entrepreneurs and other self-employed individuals to develop and manage secure financial plans to see them through to retirement and we’d love to do the same for you.
We want to make your retirement years as enjoyable and comfortable as possible and we’ll do everything we can to help you get there. Get in touch with the Qualified Financial Advisers at MyFuture today to get started on your path to a secure retirement.
Retirement Planning For The Self-Employed
When it comes to retirement planning, a common mistake people make is thinking about how much you’ll need versus what you want to do with it. Retirement is a time to enjoy yourself and reward yourself for a lifetime of hard work. If you focus on just reaching a number, you’re neglecting the lifestyle opportunities and value to your overall well-being.
Planning for retirement begins by getting clear on what your long term goals are, having an honest assessment of where you are at now, collaborating to develop a plan that works for you, then determining what level of risk you’re comfortable with to allocate your assets appropriately.
Maximising your wealth creation potential involves strategies to get you from where you are to where you want to go. This means understanding how and when to diversify your portfolio and managing the risks you’re willing to take as you get closer to retirement.
There is no compulsory retirement age in New Zealand, so many people continue to work flexible hours, part-time, or casually, especially when beginning their retirement. This could be done out of choice or out of necessity, but is an important consideration when planning for retirement.
How to Plan For Retirement When Self-Employed
Without an accounts department or HR team to fall back on, you might be on your own trying to navigate the muddy waters of taxes, savings, and financial planning. Learning how to set up a retirement plan when you’re self-employed is another set of skills to add to an already full plate.
Setting up and maintaining a healthy retirement plan requires a fair amount of discipline, but also the knowledge, skills, and strategies in place that will get you to retirement securely.
It also requires a fair amount of planning to understand how much you can add to a pension on a yearly basis and how much you’ll need to live comfortably through retirement.
Fortunately, that’s where MyFuture does the hard work so you don’t have to do the guesswork. With the help of the financial advisers at MyFuture, we work with you to identify your retirement goals, help you make the right investments to get you there, and a headstart on your way to your dream retirement.
Reach out to us now for your no obligation FREE Discovery Session to find out how our financial advice can help entrepreneurs and the self-employed shoot for the stars and reach them.
Get Ahead With Quality Financial Advice
Our Qualified Financial Advisers can help you achieve your retirement goals with a tailored financial plan and proven financial expertise.
Retirement Planning Goals For The Self-Employed
Challenge yourself to take a step towards a brighter future. There’s no time like the present to make your dreams come true and we’re just a phone call away to start the process.
Whether you have more traditional retirement plans to live comfortably and simply or if you have loftier goals of a luxurious lifestyle, your retirement goals are within reach.
Whichever path you follow to your dream retirement, we’ll help you put the plan in place to get there.
It’s important to ask yourself these questions when making a plan for retirement:
- How much income do you have or expect to have?
- When would you like to retire?
- Where do you want to live?
- What are you looking forward to?
- What lifestyle do you want for retirement?
- Do you intend to take any trips or make any large purchases?
- Do you want to continue working?
- Do you have any health concerns?
- What are your debts?
Once you’ve thought about how you intend to spend your retirement years, there are some more practical questions that will guide you in figuring out how much you need to save:
- How much do you normally spend from month to month?
- What is your life expectancy?
- How much money do you have saved?
- How long do you have to save and invest for retirement?
- What wealth building sources are available to you?
When Should I Consider Retirement Planning?
Get started today! If you haven’t started planning for retirement, you’ve already missed out on a frequently underutilised investment period. The earlier you start, the more time you have to secure your future and manifest your dream retirement. It’s that simple.
Retirement planning doesn’t have to mean making sacrifices when you’re young, but it does mean investing in your future. By understanding your finances, setting goals, saving, and investing, you’ll be well on your way to financial freedom regardless of your age. It can give you the freedom to spend time or money on what matters most and the confidence that your future is protected.
Retirement planning is not a rigid process. Instead, it means balancing your priorities and choosing how much you spend on the things you value most.
So what are you waiting for? The key to your fulfilling retirement is at your fingertips, so get in touch with the Qualified Financial Advisers at MyFuture today for a no obligation FREE Discovery Session.
What is our 6-Step Financial Advice Process?
The 6-step financial advice process is the international benchmark for financial planning. This holistic approach is proven to increase the likelihood of you achieving your financial goals.
Discovery Session
This is our opportunity to get to know you better, understand your financial goals (short, medium and long-term), and what resources you have to achieve those goals.
Research & Recommendations
During these steps, we do the research, run the numbers, document and present our recommendations to you. This can be a comprehensive financial plan focused on long-term wealth creation and/or a statement of advice focused on your more immediate financial needs. We will need to verify the information you provided during the Discovery Session by requesting supporting documents such as loan and savings account balances, payslips, etc. This ensures we are using highly accurate information when developing our recommendations.
Implementation
This step is all about implementing the recommendations. We don’t just provide the recommendation; we take responsibility for helping you implement it. This could involve helping you to complete application forms, working with a broker to restructure your lending, or finding you suitable investments. We understand you’re busy, so our goal is to make your financial world as easy as possible by doing as much as we can in-house for you. However, ultimately, we never have access to your money and cannot sign anything on your behalf, so you need to be an active, willing, and ideally enthusiastic participant in this process.
Ongoing Service & Reviews
This is where the real fun begins—managing and tracking your long-term financial success. We have periodic reviews to ensure your strategy is still appropriate if your goals or circumstances have changed. We adjust when necessary and provide annual snapshots so you can see your progress over time. Most importantly, you have your very own trusted Personal Financial Adviser available anytime to help with the little or big stuff. Worried about making next month’s mortgage repayments? Call us. Your parents gave you an early inheritance? Call us. Broke up with your partner and split all your assets? Call us! We’re here for you every step of the way to ensure that whatever life throws at you, you stay on track with your long-term financial goals.
Frequently Asked Questions