10.1.10 Summary of key messages

• To ensure that you have enough money for your retirement, start planning and saving early.
• Your habits and attitudes can affect your approach to retirement planning. Be aware of any factors that are holding you back.
• How much you will need for your retirement depends on a variety of factors, including your health and the kind of lifestyle you intend to live.
• Experts say that most people will need about 70 percent of the annual before-tax income that they earned in their three highest-earning years in retirement. This is a general guideline and varies with individual circumstances.
• Inflation can affect your retirement income by increasing the cost of goods you buy and decreasing the value of your savings. Take inflation into account when calculating your retirement needs.

At the end of the module, you will find an Action plan. This is a tool that you can use to track your progress and take the next steps to save for your retirement. Use the action plan as a roadmap for financial action!