Once the kids leave home, retirement may suddenly seem a lot closer. If you haven’t put together a plan yet, it’s twice as important to get started now. Not sure how? Look for expert advice to help you through the process. A growing number of financial advisers now specialize in helping older clients get ready for retirement and plan their estates.
Three key questions for retirement planning:
1. What will the lifestyle I have in mind cost?
What would you like to do with your time? For example, would you like a new career or a new hobby? Do you have other important goals, such as traveling or owning a vacation home? How much income will you need to pursue these goals?
2. What income will I have?
How much will you get from government plans? How much will you get from any workplace pension plans you have? How much income will you have from your own savings, both sheltered and unsheltered?
3. What can I do to keep my savings on track?
Can you speed up your personal savings? Do you want to try investing for more growth? Can you work a few extra years? Can you cut your expenses or change your lifestyle to fit your income? Can you move to a less costly place to live or find a way to take advantage of the value of your home?
Remember: Once you’re an empty nester, retirement isn’t that far off.
People who plan ahead have a better chance of achieving their goals. If you haven’t started planning yet, there’s no time to lose.