4 questions to ask yourself before retiring
PUBLISHED: 14:31 30 January 2017 | UPDATED: 14:31 30 January 2017
KDW’s team of pension advisers are experts at helping clients to plan their retirement. Here they share the top questions you should be asking yourself before retirement...
Everyone’s personal and financial circumstances are different which means there isn’t one set age that suits all when it comes to retiring. Many different factors can affect each individual’s decision of when to take retirement from financial security to health concerns. The Pension advisers at KDW Independent Financial Planning have been helping client’s to plan their retirement since 1978; Find out their top tips here...
What kind of lifestyle would you like?
When making a decision on when you retire, it is important that you consider the kind of lifestyle you would like in retirement. For example if you are planning to do lots of travelling then you will need to ensure you have enough saved to fund this. The earlier you decide on the lifestyle you want and start saving for it, the more likely you are to achieve it.
What are your living expenses?
A crucial aspect of successful retirement planning is to check that your retirement income will cover your living expenses. Once you have calculated this you will be able to calculate how much of your income you will have left for the more fun things! Make a list of all your outgoings from your weekly food shop to your electricity bill. A financial planner at KDW will be able to help you with this as part of your retirement planning.
How will you fill your days?
While we all dream of stopping work we don’t actually think of what we will do to fill our days, especially in the colder winter months. It’s a good idea to think about how you would like to spend your post-work time, you may want to volunteer for a charity, learn to play an instrument or take up yoga? Having an action plan will help you to look forward to retiring.
Can you afford to retire?
Once you have settled on the type of lifestyle you would like to lead in retirement and established your living expenses you will be able to decide when you can actually afford to retire. If you can’t quite afford the lifestyle you would like on your pension then you may wish to consider one of the following options:
- Defer your pension for a few years and continue to work in the mean time
- Continue to work whilst taking your pension
- Downsize your current property
- Rent out a room in your home to supplement your income
Before making any decision you should discuss your situation with an independent financial adviser who will be able to work with you to create a plan or explain any potential tax implications.
How can KDW help?
KDW are independent financial planners based in St Albans, they offer a one stop shop for all your financial requirements from mortgages to pensions to tax planning. They have a team of experienced pension advisers who will be able to discuss your retirement plans and help you plan the retirement you want. Contact them for a no obligation consultation:
Tel: 01727 85 22 99 | Email: firstname.lastname@example.org
2nd Floor Centurion House, 136-142 London Road, St Albans, Hertfordshire, AL1 1PQ