The Covid-19 pandemic has prompted many people to think more carefully about the future. Some have discovered over the past year or so that they enjoy working more than they thought. This group may have revised their retirement plans and might have decided to continue beyond the date when they had previously planned to give up work.
Others have assessed the situation and decided that they are ready to call time on the daily working routine, enjoy their hobbies and friendships, and maybe take on a small amount of work that is pressure-free, or perhaps voluntary.
The common feature of both decisions is that it could have an impact on retirement planning. If you have decided to carry on working for a few more years, you’ll have longer to build up a pension pot before you eventually do call it a day. Now may be a good time to take action and review your arrangements.
If you have brought forward the date of finishing work, in order to feel comfortable, you will need to know that there is enough money available to finance your retirement plans.
Typically, you won’t need as much money as you have been spending while at work – many people believe they can survive on 70% of pre-retirement income levels – but that depends on how you will spend your time. World travel is, naturally, more expensive than pottering about in the garden.
It’s vital to get it right before making any decisions. If you’re in Shropshire and need help with retirement planning, give us a call.