How do I plan for retirement? | What is the best financial plan for later years?
Plan for retirement as soon as you possibly can. While many people continue to work well into their 60s, planning for retirement can start as early as your 20’s. Having the right plan in place can help you secure your retirement and ensure you are comfortable as you enjoy life after working.
It is important to work with a financial planner who is familiar with the various situations surrounding retirement. Your retirement plan is individual to you and your personal situation, working with a professional who can help you tailor your plans will help give you peace of mind.
What is a retirement plan?
A retirement plan is a financial plan you have in place to help you through your retirement. With the retirement age constantly changing, it is important to take control of your own retirement future. Having the option to retire early may be something that you wish to achieve. In order to achieve that particular retirement goal you need to create a plan which will help you get there. Working with our financial planners is easier than you think. At Schofield we work with you to understand your current financial situation and what you want to achieve and help guide you to making the right decision for you.
What is a financial plan for retirement?
A financial plan for retirement is something that focuses solely on your financial goals. For example, you would need to consider how much money you need to live on either weekly or monthly. Having the knowledge of this can help you curate your plan to achieve that comfort you desire once you have retired.
Our team is here to work with you to help you understand the financial repercussions of retiring. We will be able to offer advice on how to make the most of your money as well as help you create the perfect retirement budget and financial plan.
How do I create a financial plan for retirement?
The first step to creating a financial plan for retirement is to consider your financial goals. You need to ensure you write these goals down, and then assign the financial value related to those goals. For example, you may wish to be mortgage free by the time you retire. This will take some careful planning to ensure that you pay off the mortgage and will not have to worry about the financial implications of paying off your mortgage well into your retirement.
Discuss your financial goals with your planner and they will be able to work with you to find the best course of action to achieve your retirement goals.
How often should I revisit my retirement plan?
It is always important to review your retirement plan at any change in your financial circumstances. However, reviewing your retirement plan on a yearly basis as part of your financial health check is always good to do. This way you can check on any investments, savings accounts, or various products you are using to build your retirement pot.
Planning for retirement should start sooner rather than later. For many, retirement may seem a distant dream, but it soon comes around as those who have retired will tell you. Work with a financial planner who understands your financial situation as well as your goals. Here at Schofield, we pride ourselves on our honesty and clarity, we work with you to ensure you receive the best solution possible. Contact our team now to discover how we can help you plan for retirement.