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Planning for a Comfortable Retirement
What will your life look like in retirement?
Approaching retirement age marks a significant milestone for many, prompting reflection on a lifetime of hard work and considerations for a comfortable future. But what exactly does a comfortable retirement entail, and how can one realistically achieve it? Here are some questions to consider:
Retirement age
At what age do you want to – and of course can you - retire? Keep in mind you won’t be able to access funds until you are at least 57.
Financial obligations
Think about your costs in retirement, will you have repaid your mortgage?
What lifestyle do you want after spending on essentials such as food, energy bills and your mobile phone.
Lifestyle aspirations
How do you want to spend your time? Will you be able to save enough to achieve this lifestyle? What about how you will spend your spare time and having enough funds for going out? Holidays? Cars? What other things are you saving for? Home improvements?
Prepare for the unexpected
Can your savings sustain your desired lifestyle and factor in contingencies for unexpected costs? This could be health issues or helping the family.
Approaching retirement
As you get older you should increase what you set aside – assuming life does not get in the way! You can request for a state pension forecast to help establish how much you could get, when you could get it, and how to increase it if you can.
Once you’ve planned your retirement age and have worked out how much income you think you need, it’s time to look at your options for organising your retirement income. This includes purchasing an annuity with your pension pot or income drawdown. We can help establish the best option for you.
The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
By Steven James
Financial Adviser
HJP Chartered Financial Planners
To find out more about Steven, click here.
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