Preparing for Retirement
Retirement hopefully means finally having the time to pursue new hobbies or go on that holiday you have been promising yourself for years. However, knowing when to retire and how much you will need to fund a fulfilling retirement are difficult questions – we are living longer, have fewer defined benefit pensions and it’s often years between our retirement and our State Pensions.
Are you prepared for retirement?
Various factors need to be considered when planning for your future financial security, such as your savings, investment strategies, expected living expenses, healthcare costs, and potential sources of income like pensions. When planning your retirement and what that will look like financially for you, reflect on:
- Your age(s)
- Your health
- When you plan to retire, will it be full retirement, or will you reduce your hours prior to full retirement?
- What income will you need in retirement?
- Are there any large capital expenditures upcoming? e.g. holidays, home improvements etc.
- Any plans to help family e.g. house deposits for children etc.
- Extent of current pension provision, investments etc.
- Any scope for further contributions to pensions, investments etc.
- Level of entitlement to Defined Benefit Pensions and/or State Pensions
What To Do To Prepare For Retirement
For all clients over 45 years, we will usually undertake cashflow analysis to generate various scenarios, which can illustrate what may be achievable via differing means.
Thinking About Your Retirement?
To find out more please contact us and one of our financial advisers will come back to you to arrange a meeting. Our first meeting is free of charge and without obligation.
