Six Things You Could Be Doing Now to Enjoy a More Comfortable Retirement Later

Six Things You Could Be Doing Now to Enjoy a More Comfortable Retirement Later

The difference between people who enjoy a successful retirement and those who don’t is whether they plan for it sufficiently.

Now’s the ideal time to address the gaps in your retirement planning using these six steps:

  1. First, consider what retirement means to you:
    ● When will it be?
    ● Will you retire gradually or just stop?
    ● What will your ideal life look like?
    ● What strikes you about others who have retired? What are the positive and negatives aspects you have witnessed? How can you copy the good elements and avoid the bad?

2. Second, assess your current financial position.

  • What is your net worth? What debts need to be paid off? Are you putting enough away for the future?

3. Next, think how your financial future is likely to look based on your current position and allowing for anticipated future changes.

  • What income can you expect to have in retirement and how does it compare to your lifestyle costs?

4. The fourth step is to address any shortfall:
● Can you invest more into pensions and ISAs?
● Are you overpaying for existing pensions and investment plans?
● Does your investment risk match your financial goals?
● How are you going to pay off any mortgage debt?

5. Discuss priorities and timescales with your partner. What future do they envisage?

  • What attitudes do you have about supporting children with deposits for houses, weddings or paying off student debt?
  • Discussing retirement early can avoid relationship strains later and provide the opportunity for compromises where expectations differ.

6. Take advice and talk with someone who is experienced in helping others live their ideal retirement lifestyle.

Andrew Neligan is a Chartered and Certified Financial Planner TM and owner of Neligan Financial www.neliganfinancial.co.uk; 01392 539429

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