Thinking about retirement strikes fear into most of us. Many will have sleepless nights worrying if they will have enough to retire on. Unfortunately, we cannot control how markets will perform or predict the future, but we can ensure that the things we can control are taken care off.
Retirement planning is a long-term effort, but like any aging thing, it needs constant maintenance and freshening up.
If you don’t want to have a sleepless night then the emphasis is Review, Review, Review, and plan accordingly.
Retirement confidence comes from constantly reviewing your retirement planning on a yearly basis to ensure you are on track. Your financial adviser is your biggest ally in the fight against retirement.
- Annual reviews are vital to ensure you are on track – the only way to have retirement confidence is to know exactly where you stand in your retirement planning.
- •You need to decide at what age you want to retire as this could affect your retirement income.
- Visualising your retirement lifestyle will help plan how much you need.
- Let your adviser calculate future projections of what your retirement savings could be worth (these figures are averages based on past and potential future performance and gives you an estimate of what you will have at retirement). This includes state pensions, private pensions, and company pensions.
- Let them calculate possible drawdown scenarios or annuity payments for you. This could give you an idea of what your monthly retirement income could potentially be.
- Drawdown payments should be based on a longer retirement period as we are living longer.
- You need to decide how you want to structure your retirement income e.g. draw interest only or use capital to fund retirement etc.
The more you ask the more you will know about retirement. Knowledge is power when it comes to retirement planning. Your financial adviser is the key to help you get that retirement confidence to avoid another sleepless night. [email protected]
Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.
