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Retirement planning

Why do I need to start any form of retirement planning?

Unless you are certain that the capital you already have will provide you with sufficient income when you either decide to, or are forced to stop working, some sort of retirement planning is useful.

You probably need to save some of your current income in order to ensure your chosen lifestyle can be maintained when you stop work. This should not be left to chance. The old saying of “if you fail to plan – you are planning to fail” probably applies in this case.

What is the best way to plan for retirement planning?

As always there are many ways to skin the proverbial cat. However, any plan that is adhered to is better than no plan.

The “best” way will be a mixture of science and skill and so working with a good financial adviser or financial planner to build your investment portfolio would certainly be the best staring point. To be fair you don’t have to take the advice if you feel it does not suit you.

What are the basics around retirement planning?

It starts at life planning –

  • When do you want to be able to retire?
  • What sort a life style do you want?
  • What are your reasons for the answers to the previous questions?

You move on to financial planning -

  • How much income and capital do you need?
  • How can you get to those levels?
  • When can you get to those levels?
  • What do you need to do to get to those levels?
  • How does this impact on other goals you have?

You then move on to independent financial advice -

  • What are the most suitable mix of products to help me meet my financial planning goals? – it may not be pension plans

You then review and maintain your plans -

  • You need ongoing financial planning help and advice to adjust your plans as your financial circumstances change or there are changes in the economic environment

How can I ensure I save sufficiently for my retirement planning?

Firstly like all those in the millionaire asset group, you need to go through the stages of determining how much you need in retirement and produce a financial plan to achieve it? After this it probably comes down to using something like our budget planner to help you to build your capital and assets. The methods are covered in the cash flow planning pages of this site.

Any questions on retirement planning?

Please call us on 01582 839280 or Email us.