Planning for retirement can be both an exciting and daunting time, especially when you think about how you are going to live and enjoy your time without an income like you might have been used to whilst you worked. Here are some tips for making the most of your retirement financial planning.
Pensions are not the primary source of retirement income.
There are several funds, such as Isas, bonds and general investments, which in addition to your pensions, can be used as possible sources of income when it comes to retirement. It’s good to figure out what assets you have, what they all value, and the best way to use them to make sure you don’t pay extra taxes.
In retirement, think how much you will need
Find out how much retirement income you would need, including necessary income to cover your everyday living expenses, such as household bills, and discretionary holiday and hobby income.
Before you buy any retirement goods, make sure that you shop around. Not only is it necessary to review fees, but make sure that they suit your needs, and that you can withdraw cash if and when you want it and as long as you need it. A look at some Wiltshire Park Homes via Park Home Life is not a bad idea.
Right now, can you really afford to retire?
There is information available on retirement plans to help you plan for retirement.
Do you need to set away enough to be able to afford to retire, or do you need to work a little longer, or part-time, perhaps? Research shows that many individuals live longer than they expect, so keep this in mind when making your sums. Some individuals can live beyond the state pension age for 20-30 years.