The rise in government debt and the fact that people are living longer means that only people who have planned ahead of time and adequately can enjoy a relaxed life in retirement. Here is a quick retirement roadmap that can help you stay on track.
Find out what you will need
What do you want your retirement to look like? Do you have the financial clout to make it a reality? Understanding what a “comfortable retirement” means for you is the first step to actualising that dream.
Work out what you have
Have you been putting away enough funds towards retirement? Find out what your state pension will be using this calculator, and locate lost pensions. When you have done this, sit down with your pension providers and review how your pension savings are invested in relation to any debts you may have. This will give you a clear picture of what you could receive in your golden years. If the results don’t look convincing, you can start exploring other options.
Decide on your options for improving your pension pot
Options for you at this point include bringing your pension pots together, paying more money into your pension, deferring your pension or focusing on paying off debt first. When you choose the right option, you can drastically increase the quality of life in your golden years.
Decide on your retirement fund options
You can take cash from your pension, buy annuities or go the pension drawdown route. You need to liaise with an advisor to make sure you choose the right option for your particular circumstance.
Write a will
When people pass on without clearly drafted wills, they tend to leave their estate in turmoil. Writing your will before retirement allows you a little bit more flexibility as your retirement years can pose different challenges (health and travel related especially) which could make it difficult to write or amend your will.
Save by planning ahead
There are funeral planning services that can allow you to plan and pay for your funeral well ahead of time. This achieves two things. Firstly, it helps you to beat the rising cost of funerals, as contracts are binding. Secondly, it takes away a major burden from your loved ones when the inevitable eventually happens.
By following this roadmap and making the right choices at each juncture, you will enjoy relaxing and fulfilling golden years. Not sure if you are choosing the right option? Don’t hesitate to contact specialists.