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How do I plan for retirement?

The further you are from retirement, the more difficult it can be to visualise your needs and objectives. The best 'guesstimate' is to imagine yourself retiring at your chosen retirement age today.

What will tomorrow look like?

How will you fill up the eight hours a day that you used to work? Will you travel, write a book, immerse yourself in your hobbies, or research your family history? No matter what you eventually decide to do, you will need income on which to live.. Think first about what it is you (or both, if a couple) wish to do when the majority of the hard work is done. Then you may like to ask yourself the following questions.

  • Will you continue working part time?
  • Do you have a business to sell?
  • When would you like to retire?
  • How much of your current expenditure will cease at retirement?
  • If you had been retiring today, how much of your current income would you need?
  • What will stop you from retiring on your terms?

Once we have this kind of information, we are able to put together a coherent and robust plan to help you to achieve your goals. Of course, things change and what if your needs and goals change? That's the good thing about a plan... once the foundation is there any addition to it can be easily accommodated.

The Government intend to change the way we plan for retirement which will take effect from 6th April 2006. However, planning for this should be taking place now. For more information, go to pensions simplification.

To learn more, contact us and we'll get in touch, or call us direct on 01324 832 715.