Retirement Planning

planning ahead for retirement

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how to plan for retirement

Planning for retirement is a crucial aspect of personal finance, yet it is often overlooked by many people. Retirement planning should begin as early as possible, regardless of your age or career stage.

Start saving early

The earlier you start saving for retirement, the more time you have to grow your savings. Take advantage of any pension schemes available to you, such as workplace pensions or personal pensions. Even small contributions over a long period can accumulate into a substantial amount of money, so start as early as possible.

Determine your retirement goals

It's important to determine your retirement goals, such as the lifestyle you want to maintain and any expenses you may have. This will help you estimate how much money you'll need to save for a comfortable retirement. Consider factors like the cost of living, healthcare expenses, and any travel or hobbies you may want to pursue in retirement.

Track your expenses

It's important to track your expenses and identify any areas where you can cut back on spending. This can help you save more money towards retirement. Look for ways to reduce your utility bills, food expenses and other living costs.

Consider investing

Investing your retirement savings can help your money grow faster, but it's important to consider the risks and seek professional advice. A financial adviser (that's us) can help you identify the right investment opportunities based on your retirement goals and risk tolerance.

Monitor and adjust your plan

As you approach retirement age, it's important to monitor your savings and adjust your plan as necessary. Consider factors like changes in your income or expenses, and adjust your savings accordingly. Revisit your retirement goals and adjust your plan as necessary to ensure you're on track to achieve them.

Seek financial advice

Speaking to a financial planner can put you in a much better position for retirement. We use methods such as cashflow modelling to give a projection of how long your pension will last in retirement, and recommend ways to make sure your money lasts for longer than you do.

how do i know when i can retire?

The decision of when you can retire depends on a number of factors. Through the advice process we will work with you to consider:

State Pension

The State Pension age is the earliest age at which you can claim your State Pension. You can check your State Pension age on the government's website by using the State Pension age calculator. Depending on your date of birth, your State Pension age may be between 65 and 68.

Future Income Sources

To retire comfortably, you will need to have enough income to meet your needs. You should review your pension and other assets to consider how much income they can provide. A financial planner can help you to review this and model your desired retirement.

Debts & Outgoings

Make sure you factor any outstanding debts into your planning and consider your ongoing expenses. This can help you ensure you have enough funds to meet your needs throughout retirement.

Lifestyle & Retirement Goals

Consider the type of lifestyle you want to live in retirement and the activities you would like to do. This will affect the amount of funds you need to save before you retire.

Health & Life Expectancy

Your health and life expectancy should be considered when planning your retirement as this may affect the length of your retirement and the amount of money you need.

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