Retirement Planning

At Retirement you stop earning an income. In simple terms, you need to plan to replace your lost earnings to maintain your standard of living. You may have finished your mortgage repayments etc., so perhaps you will need less in retirement but bear in mind you will have free time to enjoy and most activities cost money. So, plan ahead to ensure you enjoy your retirement. The earlier you start the cheaper it is!! Get an initial free telephone consultation.

The first 2 steps of planning for retirement are:

STEP 1 - Estimate how much money you will need once you retire. You can roughly estimate what you will need each week\month by taking your current income and deducting any major costs that will disappear when you are retired. (Your mortgage, high commuting costs, dependents etc.) You then need to increase this amount by the “time value of money” to get to the figure you will ideally need

STEP 2 – Ensure you are putting aside enough to provide the money you will need

Most people have to ensure that:

**Other Sources of Income refers to any income that will continue on retirement. This might be income from investments, earnings from a part time role, or rent from a second property that you own



The Retirement Planning process is a complex area. We, therefore strongly advise that you seek professional advice from a fully qualified and regulated Independent Financial Advisor. To arrange for a no obligations, initial free telephone consultation click here.