Retirement Planning
Retirement Planning
Retirement is something many of us think about and look forward to, but to have a secure, enjoyable and comfortable retirement it is important to plan beforehand. Our Pension and retirement planning advisers can help to give you financial independence and peace of mind with a customised personalised retirement plan.
Key retirement planning steps everyone should take are as follows: –
Identify your retirement objectives
Take some time to sit and think about your ideal retirement and what you want it to look like, visualise exactly what you want to do and achieve during your retirement. Do you want to stay local or travel the world? Do you want to stay in your current home or move to a new community? When preparing for your retirement, write down everything you want your retirement to involve and what you want to achieve.
Review your current financial circumstances
Once you’ve mapped out every retirement wish you have, you should assess your existing financial status. You’ll have a better idea of what you can afford in retirement and where to start by being as realistic as possible. The kind of planning you need to conduct will vary depending on where you are in your life and profession, but there are some important questions you should consider at any point of your life. First of all, if you have any debt at all, what kind is it and are you handling it well? Are you keeping tabs on your spending? And lastly, are you investing and saving wisely? Getting advice from a financial adviser can help you answer these questions.
Retirement needs to be calculated
You may calculate your retirement income after you’ve determined how you want your retirement to appear and what your current circumstances are. This is a terrific way to assess your progress and see whether any adjustments to your existing circumstances are necessary.
Evaluate Your assets and source of income
You can calculate whether you have enough income streams to support the retirement you want after determining your needs for retirement income. If you’re making plans years in advance, consider your assets and income streams now and how you think they might be in retirement. This can include any home equity, investment portfolios, pension funds, and personal savings. Relocating to a smaller house is a common method of funding retirement because it can free up additional cash for investment or for regular income.
Remember to plan for unforeseen events
When making retirement plans, it can be simple to focus on the things that are certain to happen, but it is equally important to create a contingency fund to ensure that unforeseen outgoings don’t burn through your retirement fund. Even though you can’t predict what’s going to happen it is important to put some money aside for unexpected events, such as medical emergencies or any unforeseen circumstances.
How can we help in regard to retirement planning?
The Unbiased Independent Financial Advisers will guide you through the entire pension planning process. Our retirement and pension advisers are based in Worcester Park- Surrey and can help clients in London, Surrey and surrounding areas. We’ll work closely with you to establish your goals and then devise the most effective method of getting there.
The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.
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