Coming back to work after the festive season isn’t something many look forward to, dark mornings and early commutes aside. We know that this is the time of the year when people often dream of the day when they can finally retire and put the daily grind behind them.
So, as you step into 2024, if you’re wanting to start setting the stage for your retirement, here are a few important things to consider before you hand in your notice…
Know That You Have Enough
First off, let’s talk about whether you know if you have enough. The idea of ‘enough’ can get lost in a world that’s always focused on wanting more. But when it comes to preparing for retirement, understanding what ‘enough’ really looks like becomes crucial. It’s about putting a number on how much you think you’ll need to not only enjoy life now but also give you the reassurance that you’re ready for the future. And it’s never too early or too late to figure this out. We’d recommend you start by checking how much you earn, spend, and save, and then to think about any significant life events you envision during your retirement.
As well as significant changes, thinking about what kind of life you want when you retire is just as important. Have you thought about what an average day or week would look like for you? If the answer is no, it’s tough to know if you’ll have enough to make it happen.
Retirement isn’t solely about finances; it’s about building a life you love and deserve. Ask yourself: What excites you for the next 25–30 years? Planning your next chapter involves more than just money; it’s about embracing the joy aspect of retirement—your passions, exploring new places, and spending time with those you love.
Do you think you have enough?
Based on information we’ve gathered from the results of our Retirement Readiness Quiz only 44% of respondents are under the impression they have sufficient funds to retire. This low level of confidence was a surprise to us, but also likely a prompt for those to make the most of the pensions and savings they do have.
Overcome Your Uncertainties
For a lot of people, retirement can come with a lot of worries and uncertainties, which leads to many people putting it off, sometimes much later than necessary.
In the same retirement readiness quiz, we asked individuals what their biggest concerns were. A significant 88% said they were worried about spending too much and not having enough money later on. This fear comes from the real need to feel financially safe in retirement.
With things like health care getting more expensive, the cost of living going up, and the general uncertainty of not knowing what’s ahead, all add to this worry. It also shows just how important it is to manage your finances well, save money, and invest wisely to make sure your retirement is comfortable. A financial plan and some perspective can go along way.
Don’t Be Afraid To Call In The Experts
If you haven’t yet considered working with a financial planner, now’s the time to do it. If you have figured out what you want to do in retirement and what an average day will look like, having a plan can save you time now so you can enjoy life more later. Retirement planning requires taking into account all your assets, such as savings, pensions, investments, and property, as well as considering the tax implications of these alongside your long-term financial goals. This can be a complex process that often requires expert advice.
Many individuals are either unaware of the benefits of seeking professional guidance or are hesitant to do so. But by taking advantage of their expertise, you can enhance your retirement savings, navigate financial complexities, and enjoy peace of mind.
At Joslin Rhodes, through our unique PlanHappy Process, we can analyse your existing assets to see what gaps need to be filled and what changes need to be made. We also do all the legwork, analysing and calculating, dealing with your providers, and making sure everything’s done the right way.
If you’re ready for a one-to-one chat to find out what’s enough for your retirement and if 2024 could be the year you retire, tap here.
- To get even more valuable information about pensions, we invite you to attend our upcoming Pension & Retirement Workshop on Thursday 25th January 6pm-7pm. Here, our pension specialists will share their expert tips to help make your retirement decisions easier. Book your place today.
- Or, if you’re ready for a one-to-one chat, why not take advantage of our free meeting? Simply complete the form below, and we’ll be in touch to arrange it.
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