Retirement Planning

A retirement plan is in essence a strategy to provide income when you stop working. Having the peace of mind to know you have a plan and help to monitor and update the plan and assumptions is very rewarding. So far we have been able to devise a workable plan for everyone we work with – not always what they initially wanted but far better than guessing what you might have with nothing to check it against.

You will have a number of different potential sources for the income including:

• State pension
• Personal Pension funds
• Company pensions
• Investments
• Savings
• Business assets
• Property

Any or all of which can generate income. The key is to identify all possible sources of income and show them all in one place to see how much they might generate.

Then we need to identify a target figure – generally what you are likely to need to maintain your current standard of living. It’s never as bad as you might think, because you will probably find that the actual income needed when you retire is much less because you will have repaid any mortgage or loans, should have no family commitments and will no longer need to save for the future! However most initial plans need to be adjusted possibly to amend timescale or growth or inflation assumptions or to add a forgotten asset such as an endowment policy or premium bonds.

Talk to us today to discuss this vital element of financial planning.