Making sure you have enough money in retirement to enable you to spend your time the way you want to, doing those things you always intended to do, is likely to be at the heart of planning for your retirement.
DON’T KNOW WHERE TO START
We are all living longer, the State Pension Age is increasing and pensions legislation is ever-changing. Understandably, we want an active, comfortable retirement but often don’t know where to start the savings process. If confusion and a lack of understanding around your retirement needs have led you to put off planning and saving anything, you’re not alone. In fact, over half of people in the UK are in the same position.
You can start now though. Planning will help you think about the changes you could make and enable you to take steps towards securing a better future.
Step 1 – Target
Know what you need – set yourself a target.
The closer you are to retirement, the more likely you are to know how much income you will need to cover your outgoings. If you have longer to go until retirement, it is still good to have an idea of what you are aiming for – and you can review this each year as you get closer.
Step 2 – Plan
Know what you already have.
The second step is simple – understanding what you have already saved. Knowing what you already have will help you to understand how far you are towards your retirement target. If you have a lot of different pensions, it may be worth considering bringing those all together into one account if appropriate.
Step 3 – Action
What you need to think about.
- Are you paying in the right amount?
- Are you invested in the right kind of fund?
- When can you realistically retire?
Don’t put off planning for retirement. By following these simple steps and reviewing your retirement plan at least once a year you are planning for a better future. For professional advice on getting your plan started please do not hesitate to get in touch.