To help everyone achieve their retirement plan, I developed and summarised a seven-step retirement planning process: think, budget, share, act, save, protect and review. I hope that everyone understands the key elements to consider when planning for retirement.

Let me explain them one by one.

• Think about your retirement goals

What is your desired lifestyle? Where do you want to live? Do you have any goals you want to achieve? These are all questions that should be carefully considered. Remember that the more specific and realistic your thoughts are, the more effective they will be in achieving your retirement objectives.

• Work out a feasible budget

Instead of making imprecise guesses when creating a retirement budget, calculate your spending. Make sure to account for inflation and life expectancy, which are the two main financial risks.

• Share thoughts with your family

Although retirement planning is a personal matter, the decisions you make may affect your family. When planning, it is important to communicate and understand one another’s thoughts. Do not assume the other person understands and agrees with your ideas.

• Act upon your plan

You should carry out your plan as soon as possible. Success depends on execution rather than imagination.

• Save your money early

There is no shortcut to saving. You should save first, spend later, and always set aside an emergency fund before investing.

• Protect assets with insurance

Insurance, particularly life and medical insurance, is an important part of retirement planning. Taking out appropriate insurance help alleviate the financial impact by transferring risks.

• Review and adjust regularly

Changes in personal circumstances and unexpected economic or financial events make it necessary to review your retirement plan from time to time.

Retirement is not just about money, and savings are only one piece of the puzzle. I hope this article can inspire you to start planning for your retirement early.