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We go through many ‘transitions in life’ such as moving house, promotions at work, getting married, having children, redundancy, divorce and bereavement. My job as a financial planner is to help my clients safely navigate each of these transitions and retirement is certainly one of the most significant!
What is Retirement?
The dictionary definition of retirement is ‘to leave ones job and to cease work, typically on reaching the normal age of leaving service’.
However, the word retirement could be better framed as ‘financial independence’ i.e. reaching a point in life were you no longer need to exchange either physical labour or mental intellect in exchange for a salary. Many people I have met over the years have reached this point but have still chosen to carry on working because they enjoy what they do or it gives them purpose or meaning.
Retirement should not be viewed as being the end of the journey, but the start of a new one! This new journey could involve working part time or doing voluntary work, amongst everything else you want to tick off in life.
When you feel that you want to make the transition from working to retirement you must ask yourself the following questions!
The Two Key Retirement Questions
Have you had enough (of work)?
Do you have enough (pension income and savings)?
If the answer to question one is YES, but question two is NO, or NOT SURE, now is the time to sit down with an Independent Financial Planner and discuss retirement planning.
If you would like to speak to Mark Russel about your pension, or any other aspect of financial planning then please contact us or call 01257 260011.