Today everything is different.  Not only are we living longer, healthier and more active lives, most of us can now decide when, how, and even if, we retire.

It's never too early to start thinking about retirement planning. Whether you're just starting your career or you're a few years away from retirement, it's essential to start saving and investing for your future. But, worryingly, many of us may have no clear plan for what we want from our retirement and even more of us could be underestimating how much money we will need.

 

There are a number of important questions to consider when planning for your retirement: How much money do I want to have saved by retirement? What kind of lifestyle do I want in retirement? What are my sources of income in retirement? How long do I expect to live in retirement?

 

The most important thing is to get started on your retirement planning sooner rather than later. The sooner you start saving and investing, the more time your money has to grow.

 

As you approach retirement, you’ll want to answer other questions. How long will my money last? Can I maintain my current lifestyle? Should I choose a lump sum? Should I buy an annuity? Do I stay investedand draw an income? How can I draw income tax-effciently? Do I even use my pension at all for retirement or instead earmark it for my children? What will I do with my time? How will I keep myself busy? And most importantly, how will I financially support myself during retirement?

 

With the introduction of pension freedoms, there is no onus on us to cash in our pensions at set ages, and instead we can take our pension money any way we
choose. But, with this freedom also comes responsibility, and for some, uncertainty.

 

Please click the link to ready more in depth guidence on your retirement. 

 

Click for full guide

some additional articles include information on the following:

‘SLEEPWALKING’ TOWARDS RETIREMENT
Having a solid retirement plan in place is key to a worry-free future

 

RETIREMENT INCOME CRISIS
With the right plans in place, you can make your money go further

 

ENJOYING A COMFORTABLE RETIREMENT
Steps you can take to ensure that you are prepared financially

 

GENDER PENSIONS GAP
Women’s pensions at retirement are half the size of men’s

 

COST OF LIVING CRISIS
Signs of more economically active people over the age of 50

 

HEALTHY PENSION POT
Ways to maximise the value of your retirement savings

 

EFFECTS OF INFLATION
Being aware of how it can impact your retirement plans

COMBINING MULTIPLE PENSION POTS INTO ONE SINGLE POT
Simplify your finances and make it easier to keep track of your retirement savings

‘HOME IS MY PENSION’ GENERATION
People using property to support their retirement lifestyle

BEAT THE PENSION SCAMMERS
Once the money is gone, it’s almost impossible to get it back

 

MAKE RETIREMENT THE BEST YEARS OF YOUR LIFE
Take control of your finances – 10 tips to enjoy the retirement you want

 

To disscuss anything in this guide or to book an appointment to see Michael, please do get in touch by email enquries@oysterfinancialplanning.co.uk or call us on 023 80848410