The golden rule for most people is not to rely on the State alone, so planning in advance and putting away even a small sum of money can make a big difference to the lifestyle you will enjoy when you retire. But when it comes to keep aside for our own retirement – too many people are either doing it too little or too late.
The retirement planning requires us to plan well in advance, thinking about our meeting our future requirements now and investing money with the aim of making it grow in value as time passes.
You may want to spend time with the family or travel abroad, but new home or carry on working for a while after the normal retirement age. Whatever you decide doing when you will get the time in your hand, you need a regular income to turn your plans into a reality, for that you have to start thinking about it and take necessary actions now!
As said above in the golden rule, the government state pensions may not be enough to realise your dreams into reality, so it becomes important to invest as much money as you can while you are working. However, how you invest that money depends on your circumstances, and which kind of investments you feel comfortable with. The government provides tax relief on all your contributions, so your pension can be very efficient way of using tax breaks to your advantage, but you can only access this money upon your retirement.
If you wish you access your investments before your retirement or whenever you want, then ISA can be considered as good alternatives, but ISA investments are subjected to tax. There are many ways to build a retirement fund such as through property purchase, collecting valuable assets, and inheriting money.
Whatever mode of retirement planning you do and how you access the money that you save – the most important thing is to have a plan - and that’s where an Airborne Independent Financial expert with his/her experience of retirement planning can help you plan for your retirement. Airborne IFA can make find various options available in the market and help you make your retirement plan that suits your circumstances – your lifestyle, your risk profile and levels of affordability.
Some of the questions you might like to ask an your assigned Airborne IFA and you will find his/ her advice useful:
- What charges will I pay on different retirement plans?
- How much of my money is for short term, medium term and long term?
- When can I access my pension funds, how will the money be paid to me?
- When I die, what happens to the pension fund I’d saved?