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Complete Retirement Financial Planning Blueprint

Posted by McCarthyhill on May 31st, 2020

Retirement sounds like an upheaval in your life unlike any other – Coronavirus included – as it marks a time when you will no longer need to work, and will spend your life doing leisure activities.  But in order to do that, you need to ensure that you are likely to have sufficient money available to have a comfortable lifestyle.

But a healthy and wealthy retirement isn’t something that you can just leave to chance, and to get the most out of it, you need to plan. That sounds fair enough, but when should you start planning and creating a plan?  Ideally you should do this as early a possible in your career, but wherever you are in life, its never too late to start a plan.

In your 20’s. As you start your career, you will start earning, and as long as you are earning over £183 per week, then you will start paying National Insurance, which will start to give you contributions towards your State Pension, as well as paying for NHS treatment.  Ideally, this is the best time to start planning for your retirement financially, but if you haven’t or didn’t then not to worry, as you have plenty of time left.

In your 30’s.  People tend to undergo the most social and financial upheavals in their 30’s, and this period may see you getting married, taking on a mortgage, having children, and either swapping jobs or moving up into a new role.  Your expenditure may have increased but it is likely that your income has moved with it. You now need to have a solid retirement plan, and need to put in as much in to it as you are comfortable with.  If you have changed jobs, you need to keep a note of the details so that you can track them later in life.  You may be considering starting your own company, and will have to plan that into your finances.Whatever your particular situation, you need to seek advice on retirement planning and, if you haven’t already, look for a retirement planner to advise you.  You may want to consider a self-invested personal pension (SIPP), however ensure that you take sound financial advice before doing so.

In your 40’s. You should be fairly settled in life now, with few new financial – and emotional – surprises cropping up, and you have about twenty years before you retire, so you should concentrate on building up your pot, while you are earning well.  If you are in a role with a final salary pension, then you will have a good idea of what you are likely to get when you retire.

In your 50’s. You should still be stable at this time in life though you may be helping your children get on the property ladder, and may still be in line for either job role changes or even new jobs in different companies.Now is the time to really pour money into your retirement pot, and grow it as much as possible.

In your 60’s.  This is a decisive decade, when you are likely to either retire – if you haven’t already - and you need to make final adjustments to your retirement planning.  Your retirement planner will be able to give you good advice about what you need to do.  You should be contacting any previous pension providers from companies that you have worked in and determine when you can start to draw on your investments.

Getting a financial advisor to help you through your working life means building a relationship that will grow with your pension.  To do that, you need to find one, and the best way to do that is to carry out an internet search with the term “financial advisors near me” to produce a list of possible advisors in your area.  Better still, you could pick one who has a strong track record of helping people create a retirement financial planning, including early retirement plans.

Also See: Start Planning, Retirement Planning, Retirement Planner, Retirement Financial, Retirement, Start, Life

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