Retirement is a goal for most people that often receives the least planning. Perhaps it is because it seems so far away when you are younger, then as you near retirement age, you just hope that your company pension will be enough. It is not enough.

“Assuming that that 5, 10, or 15% contribution plus any matching help from your employer will be all you need is not the best idea in the world,” explains Richard Cayne of Meyer International. “Of course, it may be, but I find it is best to evaluate and plan as early as possible.”

How much is enough retirement savings for you?

Every person has their own specific needs for retirement. While it could just be as easy to say “save as much as you can for as long as you can”, you should really consider a few questions to help determine how much you may need for your retirement.

What do you want to do in retirement?

Do you want to travel the world? Play golf every day? Catch up on a lot of reading? Or just hang out with family and friends? Some of these goals require more money than others. And the cost may differ depending on when you ultimately retire, but you still can make some educated estimates for what you would need.

Where will you retire?

Where you spend your golden years is also a factor in determining how much gold, so to speak, you will need. You may be thinking about retiring somewhere sunny overseas where there’s a lower cost of living, but will you have to travel back to your home country regularly to visit family? Will you need regular medical care that requires you to consider an assisted living facility? Or do you want to live in your own home and look into visiting care for if and when you need it?

When do you want to retire?

Some of us love to work and are willing to do it until we cannot do it anymore. Some of us may find that we need to work past retirement age in order to improve our quality of life when we do retire. Of course, working longer in life allows you to save more. Also, you can consider working, perhaps part-time or informally, during your retirement to supplement your pension income.

Get professional help to stay on track for retirement

These are just a few questions that everyone should consider when planning for retirement. To help you sort through all the steps, you should go over your plan with a trusted financial expert like Richard Cayne. Richard has assisted many people in planning and adjusting their portfolios to optimize their savings so that they can enjoy their retirement the way they’ve always dreamed.

Richard Cayne can be reached at and resides in Bangkok Thailand