5 points to consider before retirement

Insight Financial Associates

Retirement may seem like some way off, but it pays to start preparing as soon as you can.

So what specific areas should you think about, in order to make sure you can afford the type of retirement you want and deserve?

Set your goals
Think about what you want to get out of retirement. Perhaps you want to spend your time travelling the world, indulging in hobbies and pastimes, or perhaps looking after your future grandchildren while their parents are at work.

If you have a clear idea of what your retirement will look like, you can create a strategy designed around these specific targets and objectives.

Work out how much money you’ll need
Think about how much your lifestyle in retirement will cost, from day-to-day living costs to hobbies, holidays and treats. If you work out the likely sum, perhaps with the help of your financial adviser, you can make sure you’re saving enough money for the future.

Retirement should be about more than being able to put food on the table and keep a roof over your head. So don’t be content to just make ends meet. If you’ve paid your dues over many years, you’re entitled to enjoy your retirement, pursue your passions and dreams, and truly enjoy this special time in your life.

Start saving as early as you can
If you start saving early, your investment has more time to build up and benefit from compound interest. In other words, your pension pot will get bigger. It also means you don’t have to contribute as much into your pension each month to reach your retirement goals.

Be willing to review your plan
Although you’re working towards a long-term goal, your retirement plan doesn’t need to be set in stone. A financial adviser will encourage you to review your strategy and make adjustments where it’s appropriate to do so, so you can be sure your money is working as hard as possible at any given time.

Diversify your investments
While a pension will be a crucial part of your retirement plan, it doesn’t have to be the only one. You can also invest in other asset types, such as property and stocks, so you can spread the risk, and ideally, earn generous returns.

Planning for the future can be a complex and daunting process, but that’s where a professional financial adviser can help.

A specialist in retirement planning will take a holistic look at you, your finances and your long-term goals, and offer advice that reflects your circumstances and your objectives.

Consequently, you can enjoy much greater peace of mind and certainty, and feel confident that you’re working towards a positive outcome.

If you have any questions about how to make your money work hard for you so you can achieve your retirement goals, please don’t hesitate to get in touch, and we’ll be happy to speak with you.

Please Note: The value of an investment and the income from it could go down as well as up. The return at the end of the investment period is not guaranteed and you may get back less than you originally invested.