Most of us understand the benefits of sensible retirement planning but when it comes to actually creating your personal retirement strategy and putting it into effect it doesn’t feel quite as straightforward. The reality is that, while there are lots of variables to consider, it isn’t as difficult to create an effective plan for retirement as you may think.
Firstly, let’s consider the merits of a retirement plan. Firstly, the plan will aid you in the setting of clear goals for your retirement such as the age that you want to finish work and what you want your retirement to look like in terms of lifestyle. Secondly, it will help you to establish how much you need to save now to have a retirement that meets your objectives. Thirdly, a plan will allow you to choose your investment options wisely.
How you know how much you need to save is a common question. This depends on three factors:
If you haven’t started saving for your retirement yet, or have less in your retirement savings plan than you would like, take a look at our top tips to accelerate your savings.
Taking steps to create an effective retirement plan is a decision that will pay off as you approach later life, giving you the opportunity to have the savings for the retirement that you deserve. Talk to us, we can help.