Advance planning for retirement | Age UK

Updated : Sep 24, 2019 in Articles

Advance planning for retirement | Age UK


In a planning for retirement planning your money often seems dull and seems complicated but the
important thing is to do it because by just taking a few hours maybe even a few
minutes.At one stage of your life you can actually make yourself richer for
the whole of your later life the whole of your time when you might think you
are actually retired.It’s difficult to know what you’ll need in retirement
most people know roughly what their income is when they’re not retired and
the expectation has to be that when you stop working your main source of income
ends and that’s why a lot of retired people still do some part-time work
which is good in all sorts of ways.But it is just arithmetic financial planning
is no more than arithmetic.So write down your income
write down your extended sure the things you absolutely have to spend because
that’s the bottom line of what you’ll need, and then look at what you might
expect from your state pension from any other pension you might have been paying
into.And there are people who’ve forgotten they’ve been paying into a
pension 15 or 20 years ago so get those traced by the free pension tracing
service the government runs and look at what your income might be and then see
how they balance and if you haven’t got enough income you’re going to have to do
something either cut down expenditure or increase your income in retirement you
can find a lot of it out by yourself there is a Money Advice service which
the government is now launched and which is paid for by the financial services
industry that can be helpful quite a lot of stuff online about managing your
money most people don’t need what’s normally called financial advice from a
financial adviser they like dealing with bigger amounts they like dealing with
investment.And I have to say a lot of them part of their business plan is that
they keep some of your money through Commission or whatever so you’ve got to
be careful with financial advisers there are some excellent ones out there and if
you have got a lot of money a high five figure or six-figure sum then yes talk
to a financial adviser.But if you’ve just got a few thousand pounds that you
want to put into savings you can always find the best savings rates if you want
to work out what your pension is going to be there’s free advice on the
Department for Work and Pensions website or your pension provider should be able
to tell you. An awful lot you can do yourself yes it
takes a bit of phoning round, a bit of time on the internet but do always do
the basics yourself and only go to someone else where you really feel your
bit lost and need help.

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