Reaching 50 can be a huge financial wake-up call. It can be the prompt for you asking all sorts of questions, such as are you on track to retire when you want to? Do you have enough in your pension pot to retire comfortably? How does your mortgage look?
A comfortable lifestyle means different things to different people. It might mean travelling and seeing the word or it might just mean popping down to the pub in the village. It is for you to choose. It is important to have a think about what you want your retirement to look and feel like.
Reaching 50 is a crunch time when saving for your retirement. Maybe you’ve already set a retirement savings target but have been neglecting it. The reality is that now you can’t afford to delay your planning any further. It’s time to get back on track.
After Reaching 50
After reaching 50 it’s time to make retirement planning a priority if you haven’t already done so. Once you are in your 50s retirement is no longer a distant concept, and time is short if your plans aren’t on track. It’s important to make sure you are prepared for retirement, and that is not just financially. It is a big transition and needs some thought and some preparation.
Have a think about your retirement goals or ideas (include the dreams) and to put a monetary value against them. This then helps you work out the steps that you need to take to achieve your goals. One of the most important things to do in your 50s is to work out how much money you’ll need to retire comfortably and put in place the first small steps to take to make it a reality.
Do You Know the Answer to these Questions?
Q: When do I want to retire?
Q: What do I want to do with my time?
Q: Who do I want to spend it with? And how? And where?
Q: How much income do I want in retirement?
Q: Can I work part-time and take some of my pension? Do I want to?
Q: How much will my State Pension be?
Q: Can I retire earlier? Do I want to?
Are you already saving into your pension or just getting started? Whatever stage you’re at, we’ll give you a clear idea of how much you’ll need to afford the lifestyle you want after you retire.
To talk about where to start or how to put your plan in place, please contact me, Jessamy Walker on 01488 682890 or jessamy@browndogfp.co.uk and let’s have a no obligation chat and get you on track.
The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested. HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.
Are You Ready to Retire?