Updated: Mar 21
As you approach retirement, it is crucial to have a solid financial plan in place.
To ensure you have enough funds for your retirement, it's essential to understand your personal financial situation. This will enable you to develop a retirement plan that meets your needs and goals.
Getting professional financial advice can greatly benefit your retirement planning process. These experts can guide you in making informed decisions that will have a significant impact on your income for the rest of your life.
At Reeves, we offer personalised retirement plans that provide clear guidance on how to maximise your retirement income. Our plans are tailored to meet your individual needs and provide a roadmap to achieving your financial goals in retirement.
We understand that many people are intimidated by retirement planning, but it's never too late to start. Here's a step-by-step guide to help you get started:
STEP 1: Set your target
The closer you are to retirement, the easier it is to determine your monthly income needs. Even if you're far from retirement, you can still plan for what you want to need each month. Remember to review your goal annually.
STEP 2: Make a plan
Take inventory of what you've saved so far. This information will help you set accurate targets. If you have multiple pensions, consider consolidating them into one account if it's appropriate.
STEP 3: Take action
Here are some things to think about as you move forward:
· Calculate your estimated retirement income per month
· Explore ways to increase your pension
· Budget for day-to-day expenses in retirement
· Pay off any debts before retiring
· Decide when you want to start taking your pension
· Seek advice and make your final decision
Remember to review your plan regularly, at least once a year. You're taking the steps towards a better future for yourself.
The articles are for information only and should not be construed as advice or a recommendation. The investment strategies mentioned are examples only and may not be suitable for your particular: circumstances, tax position or objectives. Please seek independent financial advice before taking any action.
Names have been changed to protect identity.
No advice should be conferred from the articles. No action should be taken without independent professional financial advice as any actions on your pension may be irrevocable and have a big impact on your income in retirement.