Once you have a clear picture of the lifestyle you want in retirement, it’s important to work out the income you’ll have to achieve it when you no longer work. As a result, you can avoid disappointment if there is a financial shortfall and make retirement plans to prepare.
Income through pensions
Predicting your likely income after retirement, allows you to measure your resources against expected needs.
Many people working out their income in retirement start with checking what their State Pension will provide by obtaining a forecast from the gov.uk website, but the government pension is only accessible at pension age.
People with several different workplace pensions, must track them all down. They must then select whether to keep them separate or combine them. This process also applies to all personal pensions held.
After all pensions have been successfully identified, those planning retirement must find out how much money is in each. A financial expert like a wealth manager can help with this task and estimate what level of income pensions can deliver.
Other sources of income
On top of pensions, retirement planners must also consider other revenue streams. These can include, but are not limited to assets like property, investment portfolios and part-time or consultancy work. By adding these resources to workplace, state and personal pensions, you can calculate your likely retirement income.
If you are looking for expert help with retirement planning in Chester or Shropshire, we can help. Contact us today at Hartey Wealth Management to find out more.
