
No room for Budget giveaways in OBR risk report
No room for Budget giveaways in OBR risk report The Office for Budget Responsibility (OBR) has given Rishi Su…
Read moreAre you over 50 and starting to think about retirement? For many the last couple of years have brought into sharp focus the need to plan our future lifestyle. In fact it’s made most of us think about the things we want to do, the places to go and people to see outside of work.
In this article we’ll outline 5 important steps to consider.
One of the most important aspects of planning for retirement is figuring out how much money you’ll need to maintain your lifestyle. This can be a difficult task, as it requires estimating both your income and your expenses. However, there are a few general principles that can help you to arrive at a comfortable retirement pension pot.
First, take a look at your current expenses. Make a list of all of your fixed costs, such as housing, transportation, and insurance. Then, factor in your variable costs, such as food, clothing, and entertainment. Next, consider any debts that you’ll still have in retirement and make provisions for those payments. Don’t forget to include any one off purchases or lump sum gifts.
Finally, remember to factor in inflation; the cost of living tends to go up over time, so you’ll need to account for that in your budgeting. If you need help with this step, contact an Independent Financial Advisor (IFA) with expertise in retirement planning.
Do you want to retire early? Do you want to travel? Do you want to spend more time with your family? Once you have a clear idea of your goals, you can start to put together a plan to make them a reality.
For example, if you want to retire early, you’ll need to make sure that you have enough saved up to cover your living expenses. If you want to travel, you’ll need to make sure that you have the time and money available to do so. And if you want to spend more time with your family, you’ll need to consider how that will impact your work life and finances.
By taking the time to figure out what you want from retirement, you can start putting together a plan that will help you achieve your goals.
One of the best ways to save money is to take a close look at your current expenses and see where you can prune them. For example, you may be able to save money on your grocery bill by planning your meals in advance and only buying what you need. By carefully reviewing your spending, you can find many ways to save money without making major changes to your lifestyle.
They will provide guidance on a variety of topics related to retirement, such as investments, pensions, your attitude to risk, and help you plan your retirement income. If you’re unsure how to choose a good IFA, check out How to choose your Independent Financial Advisor.
The best retirement plan is no use without the health and wellbeing to enjoy life. So as the years go by it becomes increasingly important to take care of our health. There are many things we can do to stay healthy as we age, but some of the most important include eating a healthy diet, staying active, and getting regular medical checkups.
The best time to start planning for retirement is now!
Most people’s biggest concern is whether their retirement money will run out. Can it last another 40 years? Cashflow modelling is a sure fire way to avoid this. This will give you comfort in knowing when you can retire with enough money to last you your lifetime.
Don’t worry if you feel you need help getting started, our team of financial advisors are here to assist you. We can help you calculate how much money you will need each year in order to live comfortably in retirement and develop a plan which meets your specific goals.
Contact us today on 0121 355 4455 or email us at appointments@oaklandswealth.com to schedule a chat and take the first step towards a worry-free retirement plan.
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