Planning for your retirement: Here are the top five tips

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Retirement planning is a multi-step, time-consuming process. You’ll need to develop a financial buffer to support a comfortable, secure—and enjoyable—retirement. The enjoyable aspect is why it’s important to focus on the serious—and sometimes tedious—half of the process: figuring out how you’ll get there.

Below are the top five tips for your retirement plan to follow,

1.     Consider your retirement objectives:

Take a few moments to consider your retirement and what you want it to include. Visualise exactly what you want to do and achieve during your golden years. Do you wish to see the world or stay close to home? Do you wish to relocate to a different neighbourhood or stay in your existing residence? Make a list of everything you want your retirement to entail and what you want to accomplish – this is a terrific place to start when it comes to retirement planning. 

2.     Consider how you’ll get your pension income:

You’ll need to think about how you’ll make money in retirement. Your investment strategy should reflect this if you intend to keep your money invested while drawing a pension. You may retire at 65 and live for another 30 years or more, which means that if you take too much risk, you could be gambling with your future income, and if you take too little risk, the impacts of inflation could erode your pension.

3.     Check with the Social Security:

When to begin receiving social security payments is one of the most crucial retirement decisions you will make. Depending on your position, there are a variety of clever strategies to optimise your benefits. This is an excellent opportunity to meet with a financial adviser to tailor your strategy to your specific requirements.

4.     Examine your existing financial circumstances:

After you’ve imagined all you want out of your retirement, you’ll need to assess your existing financial status. Being as realistic as possible can assist you in determining what you can afford in retirement and where you should begin. The sort of planning you need to conduct may vary depending on where you are in your career and life, but there are certain key questions you should consider at every point of your life.

5.     Take financial advice:

Retirement planning may be complicated, and getting it wrong can significantly influence your future level of living, so it’s critical to make the correct decisions to meet your retirement objectives. If you’re not sure what you’re doing, you should get professional financial guidance.

Conclusion:

Individuals are shouldering more of the retirement planning load than ever before. Few employees can rely on an employer-provided defined-benefit pension, especially in the private sector. Striking a balance between acceptable return expectations and the desired level of living is one of the most difficult components of building a thorough retirement plan. Focus on building a versatile portfolio that can be modified frequently to reflect changing market circumstances and retirement goals. For help, contact McCarthy Browne.

Kimberley McCarthy

I am a prominent member in a local women’s networking group and am always happy to share my advice and knowledge. I am a strong finance professional with a demonstrated history of working in the financial industry. I have a BA Hons in Accounting and Finance, CeMAP (Certificate in Mortgage Advice and Practice from The London Institute of Finance), CeRer (Certificate of Equity Release) and Financial Accounting, and am QuickBooks certified. Skilled in Negotiation, Business Planning, Customer Service, Certified Mortgage Planning, and Financial Account Management.