Chorvelle Johnson, Contributor

I am only 25, and that's much too early to think about retirement. Right now, my aim is to enjoy life and not think about retiring.

I can't believe it! I am retiring next year and I don't know how I am going to cope. I thought I was prepared but - obviously not.

Are you familiar with those kinds of comments from friends, family members or co-workers? Or perhaps the possibility exists that this is in fact what you are saying or thinking.

Focus on other things

Many people focus on things like ensuring that their children go to university, on building a house or buying a new car. In doing so, they put off planning properly for their retirement. Don't be caught in that trap; be prepared! Your past will hold the key to your financial future and, if you plan correctly, to a blissful retirement.

If you want to maintain the lifestyle you currently have or to create a better one in your retirement years, you will have to implement your plan today. You need to know how much money you will need for retirement and if the funds you are currently saving will be sufficient to meet your needs. Remember, you will no longer be earning a steady salary so your income from your investments will have to be used when you have retired.

The following is a step-by-step guide to planning for your retirement:

Step one: Have an idea when you want to retire. The usual age range is 60-65.

Step two: Know the lifestyle you want to live, and this will be determined largely by your financial position now and then. Are you going to live as you do now or will you be improving on your current arrangement? Perhaps, you are currently living in a four bedroom house in a nice community but you might want to trade this in for an apartment in a gated community. Maybe you want to travel to places you have never visited. Maybe you will need to trade in the vehicle you now own for an earlier model.

Step three: Ascertain how much money will be necessary to maintain the lifestyle of choice. It is recommended that a minimum of 60 per cent of your annual pre-retirement salary should be adequate as annual income in retirement. Have a budget just for retirement.

Step four: Examine your current investments. This should also include your pension, health and life insurance so that you will have an idea how much funds you will receive when you retire. Will you be receiving a pension cheque each month and will your life and health insurance be adequate?

Step five: Acquire the services of a trusted financial advisor. If you don't already have one, you'll need to find one soon. Ask your friends and co-workers for referrals. Your financial advisor will be able to guide you into having a more enjoyable and organised retirement. They will be familiar with the appropriate investments that are in the market and will be able to design an investment portfolio to suit your needs.

Step six: Don't leave your retirement to chance; start planning today. Delay is danger.

Ensure that you are prepared and looking forward to what should be the best years of your life by planning to retire today. Seek a trusted financial advisor who will guide you through the process step by step.

They are the kind of skills that are used over and over in the workplace, but they happen to be mostly ignored in the training received in high school.

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