Retirement Planning: how much is too much, how little is too little?
Retirement used to be about working to your State Pension age (SPA) – the earliest age you can start receiving your State Pension – a ‘default retirement age’ (a forced retirement age of 65) no longer exists. Find out your SPA below:
Most people create a bucket list during their working life to tick off in retirement, this is because they don’t think, or know if, they have enough money to do these things now. However, what if you didn’t have to wait until retirement and you do have enough money… unfortunately, this can be the case and, to make matters worse, you could die before retirement leaving behind your husband or wife and (full) bucket list.
We have recently seen a trend to take a flexible approach to retirement, especially for those that have already build up a reasonable retirement fund. Why wait if you can afford to retire early or work part-time?
A Financial Planning Firm like Crown Wealth Management produces a personalised financial plan for every new client and will review it at least annually. This financial plan will include a lifetime cashflow forecast that will provide you with peace of mind or a plan of action to achieve your aims and objectives.
So we can give the highest quality advice, our financial plan will look at your complete financial situation. We even consider your life expectancy! Find out your life expectancy below:
Life expectancy is influenced by many factors, however, an average life expectancy for a 55-year-old male is 86. A 55-year-old has a 1 in 4 chance of reaching 95 and 1 in 10 chances of reaching 100. We opt for the best case scenario and plan to age 100.
Do you know what types of pension(s) you have? The fund values? The fund(s) invested in? You might be pleased with your past performance, but part of our financial plan may show that an up-to-date, evidence-based, portfolio could have improved returns and reduced risk.
After reading this article, we hope that you give your retirement planning some serious thought and we want you to know that we are here for you and will guide you every step of the way.