At retirement age
What do you need to consider as you approach retirement age?
This is a crucial point in your financial life and good independent financial advice from a financial planner who specialises in working with millionaire clients is essential. There are various time stages to this planning:
- The 5 years coming up to retirement age
- The 12 months before actual retirement age
- A few months before retirement
- Actual retirement date
The 5 years coming up to retirement age.
Ensure your mange your cash flow planning and you are certain of your actual income requirements in retirement by accurately recording your current expenditure and predicting how this would alter once retired. The 10 minutes per week this takes using our free budget planner will pay dividends in the peace of mind that comes from knowing that your financial planning is based on the correct information.
If your financial plan shows you have insufficient capital try cutting back on holidays etc to build your assets. You will be able to obtain cheaper holiday once retired by booking last minute. Talk to your investment adviser about restructuring your pension plans and investment portfolio to reduce investment risk might also be sensible.
The 12 months before actual retirement age
Continue to do the same as the points above. Get more investment advice and consider reducing investment risk further.
Work together with your independent financial adviser to obtain approximate quotes of annuity (income stream from pension) rates and try to establish what your potential income stream would be in a year’s time and which asset you would use to generate that income.
Around 4 months before retirement
Agree a fee with your financial planner to start work on your various pension plans and investments to implement a properly structured plan to produce your required income stream and ensure you have sufficient back up capital to meet your needs. Sorry if this sound very general, but there are too many ways to do this and too many pitfalls to cover. Just this one area could take up an entire website.
Actual retirement date
Phone your adviser to ensure the plans are completed and go out and celebrate.
What are the 4 most important things to do as you approach retirement age?
- Record your expenditure carefully
- Get a financial plan from a financial planner
- Get good financial advice from an independent financial adviser
- Implement your plans
Any questions on what you need to do at retirement age?
Please call us on 01582 839280 or Email us.
