Back to our Planning for Retirement Page
10 Steps Towards Planning for Your Retirement
- Find out how much you will need to retire – click here to find out how much you will need
- Understand Your Current Pensions Value – value your current pension and locate old or lost pensions by using the Government’s free Pension Tracing Service
- 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
- 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
- Reduce Your Debt – try to pay off any outstanding debt you have such as high-interest loans, like credit cards
- 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
- 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
- Don’t Kid Yourself – beware of investment frauds. If it sounds too good to be true, then it probably is
- Minimise Spending – only buy something if you really need it
- 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