Top Tips for a Comfortable Retirement
If you’re unsure as to whether your pension plan is performing in line with your expectations and that you’ve made the right retirement choices, don’t leave it to chance. Take a look at our useful guide to a comfortable retirement plan – you might just want to take a second look at your current goals and redefine your strategy to achieve your existing or any new ambitions.
Here are our 5 top tips to consider when achieving a comfortable retirement:
- Quantify what is most valuable to you
What you hold dear in life is a representation of who you are as a person. There is no right or wrong answer here – it is totally personal to you and should be planned accordingly. In order to plan an effective retirement, you should always start with what is important to you and go from there.
- Be selfish (or prioritise what is important to you)
We all have an idea as to what we want to achieve in life and it’s no different with our finances. Buying a home, providing for our children, retiring comfortably – few people have these goals committed to pen paper, so get going.
There’s no coincidence that there’s a correlation between people who regularly achieve their goals and those who have them committed to paper.
- Have a plan for how to use your free cash flow
What you can afford to save, is the amount of money you have to play with in order to meet your short, medium and long term goals. The most important step is quantifying what you have, and can be done in a number of ways, like budgeting, saving targets and looking at how much you are paying off your mortgage.
We’d be more than happy to talk to you and create a dedicated plan for your free cashflow and guide you through the important steps to success.
- Make provision for living longer
These days, improved longevity needs to be considered, giving that according to the Office of National Statistics, the proportion of the population over state pension age is to rise 23% in 2031. Even though our activities and expenditure decrease with age, income will still need to cover the cost of living longer – are you geared up for this?
- Seek Advice
OK, I’d admit this seems a little biased but the truth is, the value of advice is paramount. How you prioritise what is most important in your life will differ from the next person and a good adviser will help you to understand this, take what is most important to you and create a retirement plan that works to these values and ambitions.
The question sometimes is not at what age you want to retire, but at what income
Even the best-planned portfolios need to be reviewed regularly. The only constant in life is change – it goes without saying that everyone should take time to regularly review their portfolios and strategies to make sure they’re in line with their expectations. Chances are, since you last reviewed your investment portfolio, your life has changed in some way.
Pensions have now become one of the most tax efficient and flexible ways in saving for and funding retirement although with a complex array of legislation changes and retirement planning products available, it is more important than ever to seek professional and independent advice to ensure you make the right decisions for your future.
Who are Vizion Wealth?
Our approach to financial planning is simple, our clients are our number one priority and we ensure all our advice, strategies and services are tailored to the specific individual to best meet their longer term financial goals and aspirations. We understand that everyone is unique. We understand that wealth means different things to different people and each client will require a different strategy to build wealth, use and enjoy it during their lifetimes and to protect it for family and loved ones in the future.
All of us at Vizion Wealth are committed to our client’s financial success and would like to have an opportunity to review your individual wealth goals. To find out more, get in touch with us – we very much look forward to hearing from you.
