Five financial resolutions for 2019!

Five financial resolutions for 2019! 

Happy New Year.

Yes it has come around again. You’re another year older and that means you’re another year closer to retirement, so, in addition to any other resolutions, how about making a list of five retirement planning New Year resolutions?

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We suggest the following:

  • Number one. Wake up! Think seriously about your retirement, it has just got a year closer. Set your retirement goals. What do you really want to do? When do you really want to give up work? How much money do you need to support yourself in the lifestyle you’d like to lead when you retire? Do you really think you’ll need the same income at the age of 75 as you will at 65? How important a contribution will the state pension make to your plans and will your retirement have to wait until you qualify? 
  • Number two. Carefully manage your pensions and investments. Decide whether you can do it alone or do you need professional advice? Are you experienced and informed enough to do it by yourself? Even if you have the knowledge, do you have the time and the motivation to keep up with constantly changing legislation, tax rules and market developments?
  • Number three. Having set your retirement goals, check whether you’re actually on track to achieve them. What assumptions have you made? Are they realistic? If they were realistic when you first made them, are they still realistic now, in the context of different market conditions and changed personal circumstances? What level of savings do you need to keep making? What are the threats to your plans? Would you benefit from a review with a professional, independent adviser?
  • Number four. Make sure you pay less tax. The less tax you pay, the more you will have for yourself and your family in retirement. By taking proper tax advice, most people can benefit and keep more of their hard earned money in their own pockets and out of the pockets of the taxman. Look out for the Reeves end of year tax year planning programme in February and March. Register your interest in this on the hotlist now.
  • Number five. Save, save, save. Make sure you keep saving. As a minimum, make sure you take maximum advantage of your employer contributions into your company pension, if you have one. You’ll get the double benefit of free contributions, plus the advantage of a tax free savings environment. Apart from pensions, perhaps save in an ISA, which can allow you to access some of your savings before you’re 55. Remember, saving is the single most effective single course of action you can take now to enjoy a long and happy retirement.

It is important that no actions should be taken without first taking advice. Personal circumstances and an individual's appetite for risk means that the advice for one person may not be the same for everyone. The information in this blog or any response to comments should not be regarded as financial advice. Reeves do not advise on Defined Benefit pension schemes. Reeves do introduce a third party specialists in areas of work we do not cover.

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About the Author

By Nigel Reeves: My mission is to provide the quality, honest & jargon-free pension advice that people need to secure the retirement they deserve. At home, I'm a family man and an active supporter of grassroots sports!

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