Working out your retirement income is a key part of making plans.
While retirement planning specialists in Chester, Liverpool and other cities can help their clients prepare, it can be helpful for savers to carry out a fact-finding mission first. Below, we look at some areas to consider, but a financial advisor can offer you more guidance in each area.
When can you retire?
Find out what age you can access your state pension and whether you can retire early with the personal or workplace pension you have in place.
Look into whether you can continue working after you are at state pension age. Forecast how much income you could receive from your state, workplace and private pensions, and check if you’ll pay tax on your pension.
Look at increasing your pension
You may be able to increase how much you get by delaying your pension. You may also be able to make voluntary payment contributions to close gaps in your National Insurance record.
Consider your retirement needs and goals
With an understanding of your available income during retirement, estimate your living costs and see how they compare.
Ask yourself what type of lifestyle you want when you no longer work and what your ambitions are in retirement. People are living longer than ever now, extending the length of retirement for many.
At Hartey Wealth Management, we help savers make the most of their retirement nest egg using tax effective strategies and financial vehicles like investments. Reach out to us today for advice on your plans.
