Everyone’s idea of retirement is different. Some want a simple relaxing life, others want to enjoy life and travel the world, and yet others want to take part in expensive hobbies and enjoy the luxuries of life like upgrading their homes. A fourth option is the sobering reality that they will have to continue working as they can’t afford to retire.
Retirement is a very personal and complex issue, and for many being a pensioner is still very far away, and it’s difficult to visualise what retirement would be like. To be able to plan correctly, you need to know what kind of retirement you want.
How can you plan for how much you will need if you do not know how you want to live in retirement?
Or do you see yourself in this situation…You have a small work pension and private retirement annuity. It is not enough to support yourself during retirement. You had to sell your house and downscale significantly. You deferred your state pension for a few years to get more out eventually, and you continue to work as well for a few more years so you can afford to hopefully retire.
It is important to visualise the kind of retirement lifestyle that you would like to live, otherwise you are leaving your golden years to chance. There is nothing worse than reaching retirement age and realising you can’t afford to retire or have to downscale significantly. Goodbye dream retirement!
Ideally, consult with your financial adviser to give you a projection of your potential retirement income based on your current savings and contributions, and then decide if it would be sufficient for the lifestyle you want or whether you need to increase your retirement savings accordingly. [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.