Retirement Planning

Are you on track for retirement?

If you are thinking about retiring in 5, 10 or 15 years-time, have you tried to work out the income you will need to live the lifestyle that you want?

Now if you do complete this exercise, the number you come up with is very unlikely to be 100% accurate.

Maybe 80-90% if you do it properly.

But if you do this, one of three things is likely to happen.

You’ll realise your plans are on track. If you keep to your plan, saving, investing, paying into your pension, you’ll probably be able to retire when you want to, financially so to speak.

You’ll see that you’re behind and that you need to change your plan. Maybe save more, reduce your current expenditure, save more or maybe work longer.

You’ll realise that you’re ahead of target. You’ll have more income than you need in retirement which will mean you could retire earlier or be able to spend more than you expected in retirement.

Have you taken the time to work out how much money you will need in retirement and when you want to retire?

Are you on track?

A #BBunker Blog by Telfords Accountants If you’re behind where you want to be or maybe you’re not sure where to start, please get in touch, we’ll be very happy to help.