Successful Retirement Planning with a Financial Adviser

As the average life expectancy continues to rise, many people are unaware of how much they should be saving for their retirement. According to online finance specialists, Unbiased, in 2019 the average retirement age was 65.3 years old for men and 64.3 for women, a number that we expect to increase significantly in the next decade. In addition to the age of retirement increasing, we are also seeing an increase in life expectancy, meaning that many of us could spend 3040 years in retirement. Therefore, it is essential that your pension and retirement income can support you comfortably throughout this time and allow you to maintain a good standard of living in later life. So how can a financial adviser help with the process of retirement and implementing a successful succession plan?

What should you consider when planning your retirement?

There are several factors that you should consider before planning your retirement. These will impact when you decide to retire, when/ how you take out money from your private pension or state pension, and how you decide to hand over a job role to a successor. Some things to consider are:

· How much income you will need in retirement?

· How much is your retirement income likely to be? Considering state pension, private pensions, benefits, savings, and investments.

· Any other ways you might supplement your retirement income, for example part time work, renting out property, downsizing your home, inheritance, or considering equity release.

· If you are in a senior role at work, or perhaps own a business, who will be your successor and take over after you retire?

How can a financial adviser help you plan for your retirement?

Managing your retirement can be a complicated process with many factors to consider. For instance, if you enjoy your job and remain in good health, you may wish to defer your retirement. This can result in a bigger pension pot when you do retire, but it isn’t always the best decision. A financial adviser can help you to make these important choices and assist you in planning for a comfortable retirement. Some other ways a financial adviser can help you plan for your retirement include:

· Helping build your retirement fund ahead of time.

· Getting the most out of your retirement fund.

· Pension reviews to help maximise your pension fund.

· Informing you of legislation changes and keeping your accounts up to date.

· Helping you prepare for unforeseen circumstances such as a job loss or health issues.

· Keeping track of your personal finance goals pre and post retirement.

· Supporting you to make the right investments to allow for a comfortable retirement.

Where can I find a financial adviser to help plan my retirement?

Face to Face Finance offer independent financial advice and are accredited by SOLLA (Society of Later Life Advisers) to provide quality financial advice for later life and retirement.

Get in touch with the Face to Face Finance team if you would like to discuss your plans for retirement. Visit www.ftof-finance.co.uk or call 01603 625100