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10 Top Tips...

When we meet with clients there are a number of themes that crop up time and again – the same sort of questions and ideas. With this in mind we have prepared a list of what we feel are 10 top tips for those people facing retirement.  

Our 10 top tips to preparing for retirement:

    1. Work out how much income you will need in retirement – this is often overlooked but it is vitally important. A lot of what we do for our clients is financial planning but it is almost impossible to plan if you don’t know    what you are trying to achieve.  We have an excellent budget planner on our website and this will help you to do exactly that.  
    2. Get a State Pension forecast. Many people overlook the importance of what the state will provide. We have found that for many of our clients it is a useful top-up to their pension provision.
    3. Work out how much income you will get from your private and company pensions. It is very important to keep an eye on this. Make sure that you receive up to date valuations and projections for your personal and    company pension provisions. It is important that you review this regularly to ensure that it provides what you will expect.
    4. Look at the shortfall and devise a plan to meet this (see tip number 10!).  The most effective and straightforward way to achieve this is to seek out some professional advice.
    5. Ensure that your wills are up to date and reflect your wishes. This more for peace of mind than anything else and will ensure that the plans you have are carried out.
    6. Have a plan for your retirement – think about new hobbies or activities – have a strategy for how you are going to occupy this new chapter in your life.
    7. Keep on working – nowadays many people simply reduce the amount of work they do gradually or start something new that they have always wanted to do – it may be volunteer work
    8. Check out your options at retirement – how best to use your pension funds.
    9. Check your Tax – HMRC can get this wrong in the year up to and the year after retirement.
    10. Contact Retirement and Investment Solutions for a free retirement review!  At Retirement and Investment Solutions we offer a free retirement review. One of our overriding beliefs is that everybody should seek         independent impartial advice with regards to their retirement plans and how best to make the most of their retirement income.    
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Retirement and Investment Solutions
5 Lancer House, Hussar Court
Waterlooville
Hampshire, PO7 7SE

T: 01489 878300
F: 0870 0104883
E: advice@retirementis.co.uk