How to budget for life after work – Our retirement advice

Retirement is a goal that is achievable for almost everyone, but not without a comprehensive plan and financial strategy.

Without one, you could find that you run out of funds to support your lifestyle in later years when the prospect of returning to work is a lot less appealing.

We always suggest that you start by assessing the numbers on your essential costs like housing, utilities, groceries, insurance, etc. as these do not disappear when you finish work.

Next, we suggest you think about your leisure goals.

If you are planning on taking extended holidays or indulging in hobbies that need a little extra cash, you will need to build these aspirations into your budget now to avoid disappointment later.

Then, take stock of your income sources.

Are your pensions, savings, and investments aligned with your retirement goals?

Remember that many people overlook the impact of inflation, which can chip away at your purchasing power over time – always consider this when planning your future.

The truth is, that financial planning for retirement is complex, and there is no one-size-fits-all approach.

Speaking with an independent financial adviser can help you fine-tune your plan, ensuring it works for your unique circumstances.

Get in touch with our team for help planning your retirement. Do not leave this to chance!