If you are approaching retirement age, you will probably have given some thought to retirement planning. The world is a very different place now than it was just a decade or two ago. With people generally living for longer now, the current state pension age of 65 for men and 64 for women is predicted to increase every few months, reaching 65 for both men and women in 2018. The “private pension age”, when you can access your own savings , is currently 55 but is likely be fixed 10 years below the rising state pension age in the future.
It is important to start planning for retirement, so that you are able to afford your lifestyle and have a clear idea of your financial situation before your retirement.
Retirement Planning in practice
Locating all of the information that you have on your pensions, savings accounts, property income details etc will give you an idea of what amounts you have to work with.
Once you have an idea of what you have in terms of finances and investments etc, you will be able to make a plan, based on when you want to retire and the income that you will need to continue to live at the standards you are accustomed to.
Create a budget of the outgoings that you have now, compared to the outgoings you will have when you are retired. There will be some costs that you won’t need to factor in such a fuel costs to work.
Next, make a list of your potential sources of income that will continue, such as rent from property, investments and the like.
Retirement financial options
There are many options open to you, depending on your financial situation, portfolio and income, so it is worth making the time to speak with an independent financial advisor, check out independent pension advice and work with experts on how best to make provision financially for your retirement, in good time.
If you would like some advice and guidance on planning for retirement, our trusted and knowledgeable advisors at Cotswold Financial Planning are here to assist you in your financial queries. Contact us on 01608 651608 or via our enquiry form and we will be happy to discuss your requirements.