Retirement Ready – What can you do to help yourself? Laura Richardson’s article provides a fantastic summary of what you need to think about to help you to ensure that you are retirement ready . . .
When considering your retirement, it is important that you comprehensively review your current
finances. It is also helpful to consider the type of lifestyle that you would like to achieve during your
retirement in order to begin to calculate how much money you will need to be able to retire. Once
you have assessed your current financial situation it may well be useful to consider some of the
following when calculating when you will be financially ‘retirement ready’:
Claim state pension
You do not automatically receive a state pension, so you will need to apply for this when the time
arises. The Government introduced a new State Pension which applies to those who reach
retirement age after April 2016. The current full State Pension under this scheme is £159.55 per
week however your eligibility will depend upon your National Insurance record.
Other pensions
If you have paid into a pension through employment, you should receive annual updates on how
much your pension is worth.
Tracing old pensions
If you have had more than one job then you may have paid into more than one workplace pension
scheme. It is worth investigating this in order to make sure you do not overlook any funds that are
owed to you.
Other income
You may well find that you are entitled to benefits once you have retired. Age UK provides a useful
calculator to work out what you may be entitled to.
Retirement income
You might wish to consider investing some of your savings in order to provide yourself with some
extra funds. It is important to seek professional advice before investing large amounts of savings.
What to do next?
In order to provide our customers with the best possible financial advice, we at Andrew Douglas
Wills and Legal Services are proud to offer a range of financial services via our trusted partners.
Amongst many other financial services, our trusted partner can offer you general pension and
retirement advice including a complimentary ‘Retirement Readiness Assessment’, help with
identification of potential income sources during your retirement, as well as a review of any current
Pension Plans you may have.
To discuss your future financial plans or to arrange your complimentary
‘Retirement Readiness Assessment’ contact Andrew Douglas Wills and Legal Services, whether in
Panfield or the surrounding areas of Essex.
If you would like to keep up with our latest posts and advice about estate planning through the regular advice that we provide to our clients in this regard, then please also feel free to –
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