14
Planning for Retirement – Getting Your Ducks in a Row by Carl Melvin of Affluent Financial Planning Ltd Everyone should have a plan to ensure they can retire with the income they want to enjoy life after they stop work. The need for a retirement plan becomes more urgent when one is in their 50s. So, what should you do to get your ducks in a row? Work out what pension savings you’ve got – contact all your pension providers for an update on the value of your pensions. If you have trouble locating an old pension call the Pension Tracing Service on 0845 6002 537 or www.findpensioncontacts.service.gov.uk Get a State Pension forecast - to make sure you are projecting entitlement to a full State Pension www.gov.uk/check-state-pension Work out the cost of your current lifestyle – where does the money go? Can you save more? When will you be debt free? Don’t assume that retirement will be cheaper as you will have a 52-week holiday when you fully retire and a good retirement costs money. Work out how much income you’ll need for retirement (or get professional help on this) – the bigger the lifestyle you want the more money you will need to pay for it. Is there a shortfall? Plug the Gap – If there is a shortfall you should start saving a realistic sum to make sure you’ll have enough money to retire comfortably. The less time to retirement the more you will have to save. Get Professional Help – Consider engaging the services of an Independent Financial Adviser (IFA) to help you plan and to hold you to account to stick to your retirement plan. It’s not just about pensions – although pension plans will be a big part of your retirement planning, consider other non-pension options to build enough wealth for an enjoyable retirement.
The Advertizer
Broadband Scheme Can Benefit Businesses and Communities Local businesses and homes across Renfrewshire can benefit from faster internet connections through the UK Government Local Full Fibre Network Challenge Fund. Small businesses and the local communities surrounding them can apply for the Gigabit Broadband Voucher Scheme, providing a one-off contribution to subsidise the installation cost of a gigabit capable connection. Quicker file downloads and improved videoconferencing are just two of the benefits of a full fibre gigabit connection. Businesses can claim up to £3,000 against the cost of connection either individually or as part of a group project, while residents can benefit from the scheme with a voucher worth £500 as part of a group project. Find out more at: https://gigabitvoucher.culture.gov.uk/ The voucher scheme complements a range of investments in Renfrewshire to provide the best available internet connections. Key public buildings, including schools, will benefit from a £2million investment towards an ultrafast fibre network confirmed in the 2018 Council budget, with further funding being targeted from the UK Government’s Challenge Fund. Renfrewshire will also benefit from the Scottish Government £600million digital infrastructure investment across Scotland. And free public wifi is now live in Johnstone and Renfrew and coming soon to Paisley, making these town centres more attractive places to visit and driving footfall to local businesses.
Retirement has changed – the idea that one suddenly stops working one day and is retired the next is changing. Many people now phase into retirement, work part time or do consultancy. So make sure your plans are flexible enough to cope with this.
Renfrewshire Council Leader Iain Nicolson said: “We live in an increasingly connected world where people rely on fast and reliable internet access. That’s why we are investing in our digital infrastructure, recognising the benefits this brings for residents, visitors and of course our business community, in turn boosting the local economy.”
Deadline date for our October issue - Friday
14th September - you don’t want to miss it!!
14-19 BUSINESS_288 SEPTEMBER 18.indd 14
23/08/2018 14:16:36
