Your Retirement Financial Checklist
Your Retirement Financial Checklist
When it comes to your retirement, it pays to be prepared. Most people’s monthly income tends to get reduced come retirement, therefore it’s important to organize your finances.
Check out our retirement financial checklist that will help you make the right decisions going forward.
Retirement Financial Checklist
1. Have You Got A Pension?
It is a legal requirement for businesses to offer and contribute a small percentage to their employees’ pension funds. In addition to this you can open up your own private pension scheme to help guarantee a source of income.
2. Learn To Save
Day–to–day activities can vary during retirement based on your interests. Whether you plan on looking after grandchildren, socializing with friends, going on holiday or taking up a new hobby, you need to plan for a change in routine and funds. You should get into a habit of setting aside some spare money for a time when you’ll need it most.
3. Boost Your Pension Pot.
Making changes to your pension pot can be limited. Two main ways to increase your funds are by; contributing more to it or by delaying the time you start taking money from it.
4. Clear Debts Before You Retire.
Considering your income is most likely to reduce during retirement, it’s best practice to clear any fixed payments while you have more disposable income to play with. Aim to clear credit cards, personal loans and your mortgage prior to retirement.
5. Get Expert Advice
If you’re feeling overwhelmed about the options available and unsure what the next step is, then seek expert advice. Our financial advisers are always available to help talk through your financial options.
Financial Foresight
Plan for a happy retirement today. For further retirement advice, feel free to book a free, no obligation consultation with Financial Foresight today. We’d be happy to help!
Source: FFNI 01/2018