Here’s Magenta’s top 3 tips
This morning, Gretchen spoke to BBC Radio Wales about Retirement Planning, following the Prudential’s latest survey that shows many people are now retiring before their projected state pension age. This survey also found that those who are retiring early are more likely to have sought professional financial advice.
Following on from this we thought we would give you Magenta’s top 3 tips to retiring early:
Tip 1:
Take some time to think about what you want your future life and retirement to be like. Whilst the money clearly plays a significant part, it is also about unearthing what it is that will allow you to feel secure and be happy in your later life.
Tip 2:
Once you have thought about your objectives and dreams for your ideal retirement, is important to crunch the numbers and be clear about how you might achieve this.
To do this we recommend a Lifetime Cashflow Forecast to work out what you are going to need in the future. This should also factor in all sorts of different contingencies, such as ill health and maybe being unable to work, and this way you will know what you can afford to spend now, what you’ll need in the future and any changes you need to make NOW so that you have the lifestyle you want in retirement.
Tip 3:
Undertake a proper review of all your existing assets and investments and implement the adjustments highlighted as a result of your Lifetime Cashflow Forecast, to make sure your they provide the returns you need to realise your plan of retiring early.
So, if you really want to stop work early, start planning now and seek expert advice!
At Magenta we are able to help you implement all of the above elements to make sure you have a secure and happy future. We love to talk – so give us a call and see how we can help you.