Retirement has always meant different things to different people. This means that it has different financial implications for different people. It’s therefore important for each individual to think carefully about where they are now and where they would like to be at retirement. Ideally, this plan should have some flexibility built in to allow for changing situations which might lead to changed plans.
In the context of planning for retirement, there are three key questions which need to be answered. Firstly, when do you plan/want to retire? Secondly, where do you plan/want to live in your retirement? Thirdly, what do you want to do in your retirement? The answers to these three questions will determine the sort of income (and savings) you’ll need, so it’s vital to research them thoroughly and think about them carefully.
Above all, be careful of assuming that your expenses are going to drop significantly in retirement. Apart from paying off your mortgage (and, hopefully, any other debt you owe), your expenses are only likely to change significantly if your lifestyle does.
In particular, be careful of assuming that downsizing will release a meaningful lump sum for you. Once transaction and moving costs have been taken into consideration, you may find that your profit is much smaller than you thought, especially if you are staying in the same sort of area. Of course, there may be lifestyle reasons for downsizing but that is a separate topic.
Contact us to discuss your retirement options.

Your Retirement Options
Talk to us about your pension options. At retirement, you can withdraw your savings in a number of ways.

Income Drawdown
If you’re concerned about annuities why not consider the drawdown option as an alternative? Although higher risk you may find that this gives you greater flexibility and choice.

Enhanced Annuities
Should you or your partner have a medical condition that could reduce your life expectancy, it may be worth taking out an Enhanced Annuity as this can pay out a higher income in retirement.
Investment
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Mortgages
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Pensions
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Insurance
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Protection
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