8 Steps to Planning Retirement

Whether you’re considering early retirement or nearing retirement age, it’s time to get your foot on the planning pedal. It is never too early to begin planning your retirement, but it can be too late.

Our retirement planning experts have over 33 years’ experience in the industry and have put together a short and sweet 8 step process to help you regardless of age, plan for a richer retirement.

One that is stress free!

1.     Get acquainted

One of the retirement planning headaches is jargon. Jargon and terminology is what puts the majority of us off planning for retirement. Retirement is supposed to be stress free isn’t it?

The solution lies with our experts. Getting acquainted with a trusted advisor or someone who knows how to break it down and simplify it for you is vital.

2.     Get the savings ball rolling

Gone are the days when companies included pension in their package, instead it is often each to for their own. It is entirely up to him or herself to create a rich retirement.

It is important to save and do as much saving as possible to guarantee a secure and comfortable retirement.

Again, seeking an independent financial advisor (IFA) can only but help diffuse the situation and put in place the necessary steps which lead to a bright future.

3.     Make a Plan for Retirement

Beginning a retirement plan can be extremely difficult, but a plan is an incremental part in the rich retirement build. Firstly, calculate your worth – what you have got, minus what you owe (mortgage, loans). Even if the ‘equals figure’ doesn’t go as well as anticipated, then you’re still in a better position to make improvements.

Secondly, figure out what you need in order to reach your desirable retirement goal. One way of meeting this goal is by “billing” yourself for savings. In other words pay yourself your pension first, rather than hope for a surplus every month.  This ensures you’re putting a bit away every month.


4.     Consider investment

Investment is one way of building up your future expenditure. However, it is important to know what you’re investing in. To ensure you’re making the right investment and diversifying your investments it would be wise to speak to a financial adviser to reduce risk.

5.     Mortgage; Good or Bad?

If you’re a current home owner, you should know that whilst you’re still in huge debt you have an extremely valuable asset. Your home should be used to your advantage, but do the math first. There are several options worth considering to get a lower mortgage rate and reduce debt.  

6.     Near retirement age

When you’re nearing retirement age you have a few options to consider. You might continue to work, step–down a position, decrease hours or find a less demanding job. It is up to you what you choose to do but at least allow us to help you do the math.

7.     Budget – you’ve almost made it

Now that you’ve almost reached retirement age and saved for this moment; it is important that you don’t get carried away and blow it all at once.

Why not boost your retirement fund in the final furlong by creating a budget that you can stick to just before you retire? Let’s face it you should be a pro at budgeting by now. Think about what it is you would like to do when you retire and make saving categories to tick off the bucket list.

8.     You are ready to retire          

Now that you have done yourself proud and successfully saved for a comfortable and secure retirement, it’s time to think about your loved ones. We all want to live with peace of mind knowing that our loved ones will be taken care of when we are no longer around.

Purchasing Life Insurance Cover can protect your retirement fund in the face of fatality. It is something to consider.

From our team of financial advisers at Financial Foresight we would like to wish you a very happy and rich retirement!

If you have any questions, contact us today.