Category: Finance

7 Steps To Retirement Financial Planning Which Reduces The Stress It Creates Forever

7 Steps To Retirement Financial Planning Which Reduces The Stress It Creates Forever

Most of us do not relish being old, but unfortunately, unless you have a special power it is going to happen. The reality of that means that if you want your finances to be in order in your senior years you should be seeking the advice of financial advisors who can create a retirement plan for you.

The alternative to doing that is that when you get to an age when you realise retirement is on the horizon, it can create significant levels of stress and worry. Fearing that you may not have enough money to live a reasonably comfortable life when you are older, can have negative implications for both your mental health and your physical health too. The good news is it need not be that way.

If you seek the advice of financial advisors in regard to retirement planning, they can create not just a retirement plan for you, but also a financial plan which can get your finances in order now. Why wait until you retire to avail yourself of financial advice that can resolve many of your stressful money worries. As for ensuring that your retirement is a financially secure and stress-free period of your life, here are seven steps to get you there.

Identify What You Most Value In Life: The first step is to consider what are the most important things to you on a personal level. By doing this you can determine what you want your retirement years to look like and thus ensure you have the finances required to create them. Whatever it is you love in life, plan for more of it when you retire.

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Contract Termination

What Is the Difference Between Redundancy and Contract Termination?

As an employer, it’s extremely important to make sure that you’re familiar with common legal jargon to ensure you’re following the correct procedures and not unknowingly breaking the law. Consulting with employment lawyers is never a bad idea, as they will be able to explain everything and direct you if you’re not quite doing things right.

A lot of inexperienced employers get confused about the differences between redundancy and standard contract termination, and they make mistakes as a result. In the rest of this article, we’ve explored both of these, as well as what each one involves and what your obligations as an employer are.

What Is Redundancy?

Redundancy refers to removing a position because it’s no longer needed. In many cases, a person will lose their job when a position is made redundant, but it won’t always happen. Redundancies occur because:

  • A person’s job has been automated or taken over by a machine of some sort.
  • A company downsizes and therefore the position isn’t required anymore.
  • A person’s job is no longer required because the work is split between other existing positions.
  • A company goes bankrupt or insolvent and can’t afford to keep the employee on.

Unfortunately, redundancies are all too common in the modern world. But, the good news is that employees who are made redundant are usually entitled to a redundancy payout which, in some cases, can be quite large.

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Why Planning for Your Retirement is Essential

Why Planning for Your Retirement is Essential

Financial planners such as Andep, would tell you that a plan for your retirement is an essential part of any financial planning.  For a start, as we age, our health often deteriorates so we need to have the finances to cope with the additional expenses of medical treatment or a stay in the hospital. A financial advisor can help you plan for your retirement in the best way possible and the sooner this plan is implemented, the better it will be.

Of course, retirement planning is not all about health. There are many wonderful things you can do once you no longer have to work all day. Retirement gives people the chance to follow a dream they had no time to devote to when they worked. They might want to travel, have luxury holidays, start up a craft or sport, or purchase a property in the country or on the beach to retire to.

It is also necessary to plan for health aids or health care for when you get more frail or have major health problems. Being able to purchase a mobility scooter can help you remain independent and have fun outside even if you can’t walk well. You may need to put in a ramp or add a lift to your home so you don’t have to move, but can stay in it for longer if it is a home or location that you love. It could be that you need to pay for home help such as cleaning and laundry as you get older.

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9 Benefits of a Binding Financial Agreement

9 Benefits of a Binding Financial Agreement

Many couples think of a Binding Financial Agreement (BFA) as a prenup, but it is much more than just that. Usually drawn up by a family lawyer, a BFA can be entered into at any stage of a relationship; before, during or after a marriage or de-facto relationship is entered into. If you were wondering what benefits such an agreement has, here are some of them.

  • When a BFA is drawn up when a couple are still happy, either before or during a relationship, it is highly likely to contain elements that are reasonable and agreeable to both parties. So if the relationship then fails, there is no need for either party to worry about whether it is fair or just.
  • People these days often go through more than one relationship. It can give a previously divorced person peace of mind that they won’t lose everything should another relationship failure occur.
  • Although a BFA can be made at any time, making one before or during a relationship is less stressful than making one after a breakup.
  • It can reassure the more financially stable party that their partner is not just marrying them for their money.
  • A BFA can be used to lay down ground rules about finances during a relationship. It can specify who will pay specific bills and who will be responsible for certain debts, as well as defining how much and where money should be spent.
  • It is much more cost effective to have a BFA drawn up beforehand than to go to court for settlement afterwards.

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