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10 Steps Towards Planning for Your Retirement

  1. Find out how much you will need to retire click here to find out how much you will need
  1. Understand Your Current Pensions Value – value your current pension and locate old or lost pensions by using the Government’s free Pension Tracing Service
  1. Max out any Employer Benefits – put as much money as you can into your retirement accounts. Take every opportunity to have your pensions contributions matched by your employer
  1. Start Increasing Your Savings – experts recommend that 10-15% minimum of your yearly income is saved for retirement. Try and make this figure as high as possible
  1. Reduce Your Debt – try to pay off any outstanding debt you have such as high-interest loans, like credit cards
  1. Save for Yourself First – try to put saving for retirement high up in your list of priorities and make sure you help yourself before helping others financially
  1. Plan your financial future – look at projecting your assets, liabilities, ongoing income and other money you expect to receive from now to your desired retirement age with a cashflow model.  We can help with financial modelling, using our holistic financial planning review report process, and so, contact us to start building your secure financial future today
  1. Don’t Kid Yourself – beware of investment frauds. If it sounds too good to be true, then it probably is
  1. Minimise Spending – only buy something if you really need it
  1. Consider Working Past Retirement – working longer can increase your savings. Find out your state pension age here and find more information on working past retirement here
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