Dreaming of Retiring in the Next Five Years?

Like most things in life, retirement needs planning and if you’re dreaming of retiring in the next five years you need to start taking action now.

We asked each of our Financial Planners for one practical piece of retirement advice they’ve learned from advising hundreds of people into retirement between them.

Alan Walsh FPFS – Chartered Financial Planner

Understand the risk in your portfolio and, particularly if you are retiring early, ensure the default investments of your workplace or personal pension are within your risk expectations. As your retirement date approaches, falls in the value of your portfolio have a bigger potential to impact your retirement plan. We measure the exposure that a portfolio has by considering things such as Maximum Drawdown and Value at Risk but, no matter how you measure or analyse it, make sure you do.

Amie Marshall APFS – Chartered Financial Planner

If you are at or near the end of your mortgage, which is a life event that often makes people start thinking about retirement, make sure you direct the same amount as you were paying to your mortgage straight into a pension. You are used to living without that money so you won’t miss it and it might make a real difference in boosting your retirement pot.

Sailing in the sea

Laurence O’Connor Dip PFS – Managing Director & Financial Planner

People often underestimate the value of the State Pension but a retired couple both receiving the full pension would bring in about £16,000 per annum. For lots of people this covers much of their essential expenditure so can be a key element when considering whether you can retire or not.

Tass Hussain DipFA – Financial Planner

When you’ve got a regular wage coming in it can be easy to be complacent about what you’re spending each month. Starting a financial journal on the run up to retirement can ensure that you are able to have total confidence in your retirement plan as you know exactly what you have been spending and on what. The longer before retirement you start, the more confident you can be in predicting what you will spend.

Ashley King DipPFS, CertCII (MP) – Financial Planner

Have an idea about what you are going to do to fill your time in retirement. Like lots of my clients, I enjoy a round of golf which is a great pastime for retirement – but it can also be expensive. Having a clear plan of what you are going to do with your days will help you adjust to retirement. It can also make financial planning easier as there are less surprise expenses that haven’t already been accounted for in your retirement model.

Looking for advice?

If you’re dreaming of retiring in the next five years, it’s important to start planning now. We’re here to help so get in touch today to discuss how we can keep you on track for meeting your retirement goals.

covid-19 pdf cover

The Guide to Risk Resilience During COVID-19

We’ve put together a handy guide to help give you some clarity during this uncertain time. Click the link below to access the guide as a free download and get in touch today to speak to one of our friendly advisors.

Book a free consultation to learn more about how we can help you.