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We are always being told to focus on our physical fitness and wellbeing, but what about our financial fitness and financial wellbeing? As you approach your retirement you will need to make sure that you have adequate pensions provision to ensure you are going to have the retirement you want and deserve!
Our Pension Bootcamp will help you do just that, complete three short exercises to see if you are retirement ready
Exercise 1 – Work out how much income you will need to enjoy the retirement you want
Working out how much you will need to budget for day to day spending in retirement is the first step to deciding whether you are retirement ready.
Take off work-related costs, such as commutes, lunches, train fares, or petrol.
Factor in an increased amount in other areas, such as running your house (heating, electricity, etc) because you will be spending more time at home.
You’ll also need to consider making changes to your lifestyle that will help you account for your new financial situation in retirement. For example, you may have an expensive hobby such as golf or photography, how do you plan to continue this in your retirement?
Exercise 2 - Work out what your likely retirement income will be
Go to the GOV.UK website. and get your State Pension statement. This gives you an estimate of how much State Pension you could receive, based on the National Insurance contributions you have made so far.
Find out how much you are forecast to get from any workplace or personal pension. You should be getting an annual statement or you can contact the provider directly to get this information.
Check if you have any savings and investments that have accrued for use during your retirement.
Trace any lost pensions from previous jobs using the free Pensions Tracing Service
When you have all these figures, use our free Pension Calculator to help you discover how much your retirement income will be
Exercise 3 - Explore Options That Could Boost Your Pension
If your retirement planning hasn’t gone as well as you had hoped and you are now faced with the prospect of retiring with less money than you wanted to, there could be options available to you that will offer a boost to your pension.
- You could start increasing the amount you pay into your pension every month.
- You could delay or push back the date on which you start withdrawing your pension.
- You could also choose to explore other ways to provide income for your retirement such as continuing to work part-time for additional income.
This is why we recommend that you start your retirement planning as early as possible. The longer you save for your retirement, the longer your pension pot has the opportunity to grow.
Feel like you need a coach to get you over that finish line? Speak to one of our Independent Financial Planners. The first appointment is always at our expense.
The benefits of professional vs DIY advice
- Works with you and using your needs and goals, creates your ‘financial plan’ for the future
- Access to more advanced research tools
- Highly qualified and experienced
- Portfolio construction which matches your appetite for risk
- Saves you time….time you could spend doing something far more interesting!