In the third blog in a series of 8 about retirement, I look at Retirement for people where it is still some way off but doing nothing is not an option. If you would like to read the previous two, here are the links:
Retirement – still some way off but doing nothing is not an option
You are likely to be over 50 and have between 10 – 15+ years still to go until your selected retirement date (SRD) or the age when you can draw your state pension. You might think you have plenty time to get really organised but making the right choices now can have a big impact on the size of your retirement pot and future income potential.
You may need help to think through:
- The age you may want to retire at
- Working out how much income you might need to live the life you want in retirement
- The amount of savings required to generate the income you want or need
- The steps you need to take to ensure your money will not run out before you die
- Reviewing existing retirement plans and identifying any savings gaps
- Understanding the different options open to you regarding your retirement
- Maximising your savings and taking full advantage of your own tax allowances
- Potentially protecting or reducing risk on the investments you have built up
- How much state pension will you receive
I use a number of different tools to guide you on this journey so that you see the impact of the savings you make and the investment risk you take on your future income.
Seeing what your financial future may look like helps you focus on the actions to take now. Planning early could have a very positive impact on your retirement income.
I look forward to helping you get serious about your retirement plan. Contact me for a complimentary initial meeting.
Next time I will look at the people who are nearing retirement.