Leo Alexander explains the importance of planning for retirement.
Table of Contents
What is retirement planning?
Retirement planning encompasses all aspects of financial planning for your retirement, which is not just pensions. We also look at other assets such as savings, investments and any potential inheritance that you may have.
Retirement means different things to different people. Some people choose to take up part time work or volunteering after they retire from their main career.
Why do I need to plan ahead for retirement?
There are three key themes around why it’s crucial to plan for retirement. Firstly, people are living longer and remaining healthier throughout their lives, which means that retirement could last for 30 years or more. It’s important to plan your finances for this key period of life.
On top of that, the state pension age has been increasing over time and is expected to rise further. So, if you wish to retire before state pension age, as many people do, you will of course need other retirement provisions.
Finally, people have greater expectations for their lives in retirement these days, and the state pension alone can’t often support these plans. So it’s important to understand how much you need in retirement – which our financial planning service can definitely help with.
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You might be worried that you don’t have enough, or be embarrassed by something you’ve done – perhaps your pension or investment has gone down in value. But everybody’s in the same boat.
Don’t worry we’re here to guide you through that.
How do I plan for retirement?
For most people, planning for retirement includes making contributions into a pension scheme and also ensuring that you’ve got adequate savings and investments to cover any unforeseen circumstances in retirement.
How can Leo Alexander Wealth and Financial Management help somebody that’s looking to plan for retirement?
We offer the whole service when it comes to planning for retirement, and our support continues once you do retire. We provide ongoing services to help people prepare, including exploring savings, investments and pensions to help people make sure they’re on track for the retirement that they want.