A few weeks ago, I hit the big five O, yes that’s right, I made it to a half century.
Getting to 50 for most of us, invariably gets us thinking about the future and many of my clients around the same age are thinking the same things.
- What amount of assets/money have I accumulated so far?
- When will I have enough to retire?
- What income will I need when I retire?
- What do I need to do to get there?
Out of all of those, the really big question to ask yourself is this.
What level of INCOME do I want to retire? The over 50’s face a unique challenge, in that most of us have not accumulated enough just yet to retire, but retirement seems ever so close compared to just 10 years ago.
So, getting your ducks lined up in order becomes even more pressing as retirement looms nearer and nearer. We meet many people around the age of 50 who are starting to think more seriously about their future plans.
Many of them have various different pensions with different pension providers and as a result, the whole pension and retirement picture is far from clear. What most people would really appreciate is a concise overview of everything they have acquired over the years and what it is likely to do for them in terms of how much income it may provide and how much of a lump sum it may also provide.
Taking a good look at all of your plans and assets and summarising exactly what you actually have can be very revealing indeed. It can be very helpful in identifying what income you may receive in retirement.
What looking at all of your plans can also do, is help you come up with ideas on how to improve your retirement prospects, whether that be to increase the overall size of your fund or to retire sooner rather than later.
So, if you are getting to that age and are starting to think about what income you will need or when you can maybe stop working, and want some advice as to how you can get there quicker and easier, maybe now is the time to sit down and go through that review process.
Age 50 may only be a number, but it is definitely an important one!
Action call
If having a great retirement is important to you, get in contact with us today. We may be able to help you avoid any unnecessary problems in the future.
If you or your family would like to talk us about your financial plans for future, please get in touch for a no-obligation meeting. Go to our website www.miadvice.co.uk and contact us via our “Get in touch” form on our home page or Contact Martin Dodd on 01902 742221.
Email us at [email protected]
It is advisable to take advice from a professional financial adviser when making major financial decisions.
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This article has been prepared in good faith and based on Midlands Investment Agency’s understanding of the law and interpretation thereof at the time of creation. The contents should not be regarded as specific advice and we always recommend that specific advice is sort from a qualified professional. No responsibility can be accepted by Martin Dodd or Midlands Investment Agency Ltd., for any loss that may occur by a person acting or refraining from acting on the basis of this article.
