Best Retirement Planning Advice – Top Tips
Posted On May 7, 2020
Somebody in the media recently asked me for my top tip on retirement planning. In truth, there are many ‘top tips’ but none of them are applicable unless you’ve had a discussion about what you’d like to do when you retire. Hawley Advisors is one of the authority sites on this topic.
Picture what your retirement looks like and the rest will come in easily. After all, retirement funding is just a means toward an end. So if you don’t know what the end looks like how can you possibly find the means to fund it?
The most common types of retirement coverage are undoubtedly a Personal Pension, or employer equivalent, an ISA or perhaps less so land. Once again, how much you are putting towards these during your working life depends entirely on how much you want to get out at the other end.
Putting ‘anything’ into retirement is unlikely to yield the benefits you’d wish for the retirement age to come. This goal has to be much more specific. It needn’t take a long time to find out. For instance, you might think about how much money you’d like to live off, or how you’d be able to live off and be happily retired.
Start with a figure in mind, what income level would you like to earn from retirement that can give you the lifestyle you want? Then you can work backwards to decide how much you need to commit to having something done now. Affordability comes into the equation of course. Because of present circumstances, it is not always possible to commit the level one might want to. Yet you’ll at least have a concentration that wasn’t there before.
The other affordability factor is having to spend money on the stuff you want. Spending money conveniently on the things you want and want. If you want to stop working and like the thought of not having to work again and spend your days doing just what you want, then saving as much money as you can possibly spend on retirement is a smart idea.