Five tips that will help you plan a long-term savings strategy for your retirement

Investing isn’t a sprint; it’s not even a race. Planning and saving for your retirement is more like a marathon. Both require a long-term strategy and ongoing preparation, flexibility and persistence. Whether it’s the sweet reward of crossing the finish line or retiring comfortably in Franschhoek, to reach your destination you need to have a plan and stick to it. Following a plan takes patience says Peter Nieuwoudt CFP ® of Consolidated Wealth and this is essential for creating a stable financial foundation for retirement. “Any successful athlete will tell you that you don’t become a champion overnight. It takes years of planning and hard work,” Peter explains. “This same long-term approach should be used when it comes to saving for your retirement. You need to focus on cultivating the discipline and persistence necessary to achieve your financial goals.” Peter uses the context of marathon running to explain his top five tips for retirement planning: 1. It starts with a Plan You can’t wake up one day and run a marathon. You need a strategic plan that starts with a realistic assessment of your current fitness as well as your level of commitment. From this, you will compile a training schedule that has measurable benchmarks along the way. Similarly, retirement planning also demands a careful look at your wants, needs, aspirations and resources. Using interactive financial modelling, you can stress test the assumptions made in the planning stages and continuously measure the extent of the commitment required. 2. If you…

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