Ever wondered how much you need to comfortably retire on? You’re not alone! It is one of the most common questions our financial advisers are asked in initial meetings with clients.
Knowing when you can realistically leave the working world behind and what steps you need to take to get there gives you great goals to focus on. In this blog, we’ll share our top tips for setting your retirement goals and give some advice for understanding how much you need in the pot to comfortably retire with.
What are your retirement goals?
Retirement goals are the milestones you want to achieve when planning when you’ll leave the workforce and how you want to spend your time once you have. You can break your retirement goals down into different segments to help you keep a clear focus on what you want for your future.
Financial goals
Of course, you want to know that you will always have the resources available to you for a comfortable retirement. You’ll need to have a clear idea of your current pension savings, any investment strategies you have in place, and what other savings or assets you’ll have to draw from.
Lifestyle goals
What are you actually planning to do when you retire? Are you wanting to travel more, make changes to your home, or spend more valuable time with your family? Having an idea about what different or additional expenses you’ll have when you’re not working anymore is key to outlining a realistic goal for your retirement.
Health and care planning
Many people are now also planning ahead for care costs for themselves, and dependent family members, as part of their retirement planning. Care costs can be one of the biggest expenses faced into our golden years, and it can take a lot of stress off to know those fees are covered if they’re required.
Financial forecasting
The team of independent financial advisers at YorWealth can help you create an accurate financial forecast for your future. Working with to define your retirement goals and assess your current financial position, we can give you an accurate understanding of how much you need to have available to retire. Once we’ve established your comfortable financial baseline, we can add reasonable adjustments for inflation. Then, we’ll then help you develop a workable plan to achieve your retirement goals.
To get advice on your retirement planning, please get in touch. Our independent finanical advisers are here to help.