The shape of retirement has changed no longer do individuals start work from school, work their entire lives in one place of work and retire on a comfortable company pension. Working patterns have altered and so is how people cease work or work less when they come to “retirement age”.
It is harder to piece together the various pensions and investment that have been accumulated through life and how they will all form a strategy to work less and live off of your hard earned savings. The earlier this process starts the more likely you will achieve the income you wish to retire on and the lifestyle that you desire when you decide to work less.
Setting goals and formulating a strategy reviewable each year can result in a successful retirement plan, however it is often difficult to picture your future finances or assess objectively how much you will need as an income if you were to stop working.
Review your existing arrangements and plans, are they in the right place, do they contain valuable features and how much will they offer you in the future. They key is to review them independently and identify all the important features and where costs and charges can be improved.
Carry out an income and expenditure review to assess your outgoings now – this can then be assessed for what it may look like in the future and also what surplus you have available to save for your future.
A financial planner can assist you with this review and analysis and utilise cash flow modelling tools to project what the future values may be like and how much you therefore need to save to bridge the gap.
Please email or call Alison (07496 689 309) or Adrian (07725 343 815) for a no obligation review of your circumstances.