Without an overview of their finances, many people in the UK are unaware that they could potentially retire earlier than planned. However, many Britons taking advice on retirement planning in Shropshire, Cheshire and other parts of the country come to the conclusion that by taking specific steps, they can start enjoying freedom without sacrificing their financial security. Read on as we take a closer look at some of the key moves consumers must make to get to the finish line faster and enjoy their well-earned retirement.
Pay off your mortgage
Mortgages are often the largest monthly outgoing people face, so it makes sense to remove this cost before retirement. To attain this goal, a financial advisor can show you how to make overpayments to clear your mortgages without incurring fees for early repayment. As a rule, the faster you become mortgage-free, the less money you will pay in total.
Deal with debt
Debts can also be a drain on retirement funds and require attention. While saving is important, prioritise paying off debts. Start with the loans that charge the highest interest and work your way down the list, paying off each in turn.
Work out your retirement income
Understanding how much money you will need in retirement isn’t always easy. However, a wealth manager can help. Experts in retirement planning will take time to understand your future goals and the lifestyle you seek, as well as your present finances. They then help you work out the income you require and provide a sound financial plan to meet your objective.
To discuss your desire to retire early, contact us here at Hartey Wealth Management now.
