What income will you need when you retire?
The best place to start when planning for retirement is understanding what you may require to spend. With retirement often being some way off this is not always easy to calculate. By the time you reach retirement some of the larger financial costs such as a mortgage, the costs of commuting, and children have usually passed. With this in mind a good starting point to consider is about half to two thirds of salary. However everyone has different needs and goals in retirement such as the frequency in which you holiday or how often you may change the car.
With our handy retirement calculator we can assist you in determining what you may need to live off in retirement. Head to our Contact Us page to book an appointment with one of our Wealth Managers.
How can I make sure I have enough in retirement?
Work out what other income you may receive from other sources e.g. state benefits and occupational schemes. You can find out your current provision using the government’s online State Pension Forecast to give you an idea of the value of your pensions.
Consolidating existing pensions can help to not only cut down costs but also see your retirement picture more clearly. This can be fairly simple to do however seeking advice is vital as you need to first check that you will not lose any valuable benefits or incur any excessive exit charges when transferring funds.
Topping up your pension via a monthly contribution or lump sum payment can be extremely effective in helping you reach your goals. This is especially true if your employer will also contribute into your pension for you.
Take Action Early
If you want to make sure you have enough come the day you retire, contact us today for a free consultation without any obligation.