After many long years of hard work and dedication, when the time eventually comes to hang up your hat, you want to be assured of a comfortable life ahead of you.
The best way to do that is by considering your retirement plan as early as possible.
Once you are retired, it is likely that your main source of income will end (unless, of course, you have a part time job, which is extremely common and good for many reasons – not only as a way to bring in a little money). With that in mind, a good place to start is by sitting down and working out some figures. Make a note of your income, as well as your expenditure (the outgoings you absolutely must spend). Then take a look at what you might expect to receive from a state pension (as well as any other pensions you may have been paying into). Once you have these figures on paper, this will give you an idea of whether you will be able to manage the situation as you are. If the figures do not balance, you may need to consider your options, such as cutting back on your outgoings, or finding an alternative source of income.
In the past, we’ve written many other articles on retirement advice including what to consider when you are approaching retirement, as well as ways to beat the granny tax so please feel free to take a look at those too.
“When it comes to planning for retirement, people tend to automatically think about pensions. Whilst these are obviously a critical element of your retirement plan, these are only part of the overall picture. For instance, have you considered your other assets such as property and ISAs?
This year, Portland Financial Planning is proud to celebrate 30 years in business. During this time, we have worked together with many clients, helping them to understand the situation as a whole and subsequently providing them with the ability to make carefully-considered decisions about their retirement plan.
Based in Shropshire, we are centrally located to offer financial advice to those who are retiring in Shrewsbury, Telford, Powys, Herefordshire and Staffordshire.
With our holistic and tax-efficient approach, myself and Ben are confident that we can assist with your specific needs. Please feel free to give us a call and we will be happy to discuss your options.”