Retirement Planning Tips
Retirement planning tips from Oracle’s financial advisers
Retirement planning isn’t something you should leave until just before retirement. Properly planning for your retirement is necessary in ensuring you can live your retirement in comfort.
As London-based financial advisers, Oracle help people plan for their retirement based on their particular, unique needs.
Here are a few tips from financial advisers about the things you should be thinking about when it comes to retirement planning.
Calculate the value of your assets
A big part of retirement planning is calculating how much your assets are worth now, and how much income they could generate for you in retirement.
Calculate how much you spend now and estimate how this will change after retirement
The opposite side of calculating out the value of your assets when retirement planning is working out how much you spend now, and how this will change after retirement.
Think about deferring your retirement until your financial situation is stronger
While many people have no choice but to retire at the state pension age, if you do have flexibility in when you can retire, it may be worth considering deferring retirement until your personal financial situation, or the wider financial markets improve.
Turn your assets into cash
One of the most important steps of retirement planning is to ensure you actually have money to spend. This is why your plan for retirement should include the turning of your assets into cash as you reach retirement age.
When planning for retirement remember that people are living longer and longer
Your retirement plan should factor in how long you expect to live so that you have enough money to live off for the rest of your life. Of course, the difficulty here is that people are living to older ages all the time.
Retirement planning for the self-employed
If you are self-employed, our advice is that you start your retirement planning, and start making contributions to your pension, as soon as possible. This is because there is an annual limit on how much you can pay into a pension, so waiting until your business’s profits are high will limit the size of your pension pot.
These tips on retirement planning should get you thinking about the right things, but we recommend that you seek the help of a financial adviser.
Oracle is a financial adviser based in London. We will take a look at your unique situation to ensure your retirement planning is tailor made for you.