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Determine your current financial situation
Identify and develop financial goals
Create a step-by-step plan to achieve them
Track your progress and make adjustments
But if you don’t consider retirement planning until later in life, you may discover there are limited funds set aside to support your desired lifestyle. Planning so that you can enjoy today, whilst making sure there is enough saved for the future, can be a tricky balance to get right.
Research shows that many people spend more time and effort in planning an annual holiday than they do on their retirement planning.
The most important factor to consider is how you want your retirement to look, both financially and personally. As with all decisions regarding retirement planning, it is important to seek professional advice, to ensure that you make the correct decisions for your circumstances.
Prepare for retirement
You need to plan retirement like it’s a second career to make sure it’s both comfortable and fulfilling.
Your priorities for retirement might include buying property, travelling regularly, spending time with family and friends and enjoying a particular lifestyle. Whatever your chosen age of retirement, it’s important to ensure your plans deliver financial stability for the rest of your life.
Funding your retirement is of greater importance now when life expectancy rates are much higher. Enjoying an active retirement, for a number of years, is a reality now for many people, and something to look forward to.
The most important element when planning is to ensure that your income sources enable you to enjoy your chosen lifestyle during retirement. It’s vital to plan ahead to create a secure income, with some flexibility, especially if you are certain your state pension won’t be sufficient in retirement.
Give yourself enough time
While the prospect of retirement can be exciting, developing a plan to ensure you are financially sound can feel like a challenging task. Not surprisingly, the decisions you make prior to retirement can shape your income for the rest of your life.
The most important consideration is to think about how you want your retirement to look like and set up sensible steps to help ensure your dreams can become reality.
Ideally, when it comes to retirement planning, it really is a case of the earlier you start the better.
How much is enough?
A common question when planning for retirement is how much you need to save. The answer depends on a number of factors, including your age, desired retirement age, income, health, lifestyle and more. Ultimately, retirement appears to be different for everyone – you may want to travel, spend time with family and friends, or focus on hobbies or activities that you may not have had the time to pursue in your professional life.
Your current income, financial position and arrangements must be considered, as well with common sense.
At GPI International, we can provide you with unbiased advice to help you determine your retirement goals and the steps required to achieve them. From this perspective, the key point is not to ignore this critical area of financial planning.
Along with other stages of your life, planning for retirement can be a true key to prosperity and well-being.
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Frequently Asked Questions
Why should I plan for my retirement?
Profound retirement planning can help you avoid running out of money in retirement, with your plan helping you calculate the rate of return you need on your investment portfolio, what risks should be taken, and the amount of income that would be safe for you to withdraw from your portfolio.
How to build an effective retirement plan?
Answering the following questions will help you build a profound retirement plan:
- How much is my income now?
- What are my current financial commitments?
- When these commitments will change?
- What amount of money do I need in retirement?
- When do I plan to retire?
- What lifestyle do I want in retirement?
- Will my current pensions (corporate and private) be enough to afford this life?
- How can I improve my position now?
I have state pension, do I need to do more?
As governments worldwide are failing to provide for your pension, you must take care of this part of your life yourself.
Despite the fact that you may have paid your taxes and made contributions to your state pension, this should really be looked at as a bonus towards your main pension pot.
How much money should I retire with?
Retirement looks different for everyone, but the most important thing is to consider how you want your retirement to look and plan accordingly; ideally, when you retire your pension pot should total 25 times your desired annual income, enabling you to withdraw an annual amount of 4-5% safely without eroding capital.
All my money is invested into property. Should I invest elsewhere?
Although the property market is a good market to be in, as a standalone investment it doesn’t provide you with enough security to retire in peace. The property is an illiquid investment, so if all your tenants didn’t pay rent, you would have no way of generating an income. This is why it’s so important to diversify into different investment instruments and build multiple sources of income.
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