Spring clean your retirement plans
Life is busy, and with cost-of-living financial pressures intensifying, it’s understandable if your retirement plans have been bumped down the list. If you’re looking to revisit your plans and get them moving in the right direction, so you can relax and fully enjoy your retirement years, then now is a good time to act and spring clean your retirement plans.
There are so many more choices open to you than ever before, and more things you need to consider, like how to manage your finances to provide the income you’ll need to live on, how you’ll transition into full retirement and what lifestyle you want to enjoy in your later years. Visualising the type of retirement you want to enjoy is important. A well thought out process needs to be adopted in order to develop a robust plan to reflect your wishes, so get in touch to spring clean your retirement plans.
When visualising your retirement, ask yourself:
– Do you have a bucket list which may mean spending more in retirement?
– How much money will you realistically need to live on during retirement?
– What pension savings do you have and what income will these provide?
– At what age do you want to retire?
– Do you want to retire fully or consider a phased retirement?
– What State Pension are you entitled to and at what age will this be paid?
– Are other considerations, such as passing money down the generations, important to you?
– Any additional capital needs in retirement that impact your retirement savings?
– How long can you expect to live?
This last question is an unknown, but with increased longevity and better medical care, you could realistically expect to look forward to
20 years plus of life in retirement.
It is never too soon to spring clean your retirement plans and to start planning for a comfortable retirement.
Essentially Wealth Q1 2023