Are you retirement ready?
It may seem like retirement is that far away dream, something that you don’t need to worry yourself about just yet.
But trust us, your future self will thank you if you start preparing as early as you can.
It can be difficult to know where to start, and that’s what we’re here for! Suzy, Chartered Financial Planner, has lots of experience in helping her clients afford the type of retirement they want and deserve, so she’s put together her 5 key areas of what you should be thinking about right now…
Suzy’s suggestions
1. Set your goals
What would your perfect retirement look like? Maybe it’s travelling, spending time with grandchildren, or even picking back up an old hobby.
Whatever this may be, having a clear idea of what you want to achieve means you can create a strategy to reach these targets.
2. Work out how much money you’ll need
Once you’ve decided on your goals, it will give you a sense of the funds needed to achieve them – but don’t forget to include the day-to-day living costs!
You’ll then be able to set up a plan of how much you can save and invest to ensure you can have the lifestyle you want. You’ve worked hard over the years so deserve to enjoy that time in your life.
3. The sooner you save the better
Saving early means there’s more time to build up and benefit from compound interest. So, in short, your pension pot will be bigger.
It also means you won’t have to contribute as much later in life to make up for any shortfall in your pot.
4. Be willing to review your plan
If there’s anything the past few years have taught us, it’s that plans will need to change in line with the economic climate at that time.
Even though these are long term goals, I’d encourage reviewing your strategy and making adjustments where needed. This ensures that your money is working as hard as possible at any given time.
5. Diversify your investments
Retirement planning doesn’t need to solely rely on your pension. You can look in to investing in other asset types, such as property and stocks – spreading the risks and giving yourself the chance to earn generous returns.
WE can help
Planning for your future can be daunting, so our Wealth Experts will deal with the complex aspects of your retirement whilst you enjoy greater peace of mind and feel confident that you’ll be living the life you’ve always dreamed of!
If you’re looking to get started on your retirement planning, our advisors would love to help you through the process. You can get in touch with one of our team here.
