Top tips to kick-start your retirement planning
- Find out how much you will need to retire – as an example, if you have net assets of £2,000,000 at the date you retire and you want £100,000 net annual income, you can have enough to last you 20 years
- Understand your current pension(s) 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 to 15 percent 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