Do you know your number? The reality is that there are countless factors that will impact on how much you will need in retirement. Therefore, determining your target goal for retirement savings can be more challenging than it may seem.
For instance, if you have any idea about where you might want to live or in what type of property you want to live in the future, that can go a long way towards long-term retirement planning. Setting a retirement goal doesn’t necessarily mean sticking to one large monetary goal. Instead, aim to incorporate retirement savings into your goals for today. How much money will you need to save in advance to deliver the income you want in retirement? How will you spend your time in retirement? How much will your leisure and travel pursuits in retirement cost you?
Whatever you want from retirement, one thing is certain – to give yourself the retirement you want, and no doubt deserve, you need to plan ahead.
A critical aspect of retirement planning is structuring your affairs to ensure that you can meet your desired level of income when you stop working. With ever-changing pension and tax legislation and increasing life expectancy, it makes sense to use all the tax-efficient options available.
When it comes to planning for retirement, the earlier you start, the more potential your money has to grow. Retirement planning is not simply about paying regularly into your pension and forgetting about it. Instead, it is essential to review your progress against your retirement goals and take account of changes that may affect your plans.
Whether you are in the early years of your career, or you have years of service under your belt or retirement is just around the corner, I will be able to help you. I will be able to help you plan ahead for the financial future you want.