If 2020 has taught us anything, it’s the value of preparation. Having recently seen many trying to organise their finances to support them through furlough, or even job loss, preparing your finances for the future has never seemed more important.
That’s why, we recommend you add Retirement Planning to your list of 2021 New Year’s resolutions. Whether it’s far in the distance or within the next couple of years, your retirement is a time that will require complete financial stability to enable you to retire in comfort and without future financial strain.
Reasons to plan for your retirement
Planning for your retirement is an opportunity for you to imagine what you want your future to look like and put the plans in place to help you achieve these goals.
Gain financial stability
Possibly the most important reason to plan for your retirement, is to enable you to leave financial stress in the past. By ensuring your retirement income will be able to pay for all of your future costs, you can rest assured that you’ll only have to retire once!
Avoid relying on your state pension
While your state pension may provide you with enough weekly income to pay for your necessary expenses, without effective Retirement Planning, you likely won’t be able to afford the comfortable retirement you deserve.
Be ready for emergencies
As proved time and time again throughout 2020, emergencies happen to everyone. While there’s no way to predict future events, it’s worthwhile considering an emergency fund as part of your retirement plan, safeguarding your finances against unexpected incidents.
Support your family
While planning for your retirement, you may want to consider the future of those around you and how you want to provide for them. Perhaps you have a grandchild that wants to attend university or you’d like to treat your close family to a weekend away? Retirement Planning is all about ensuring you’ll be able to afford the future you want.
Tick off your bucket list
If you don’t yet have a bucket list, now is the perfect time to make one. A key part of Retirement Planning is deciding what you want to do with your time once you no longer have to work. In doing so, you’ll be able to prepare your finances to help you achieve your future plans and goals.
How to begin Retirement Planning
If you’re not sure where to start when approaching Retirement Planning, we’d recommend simply asking for advice.
At Penguin, our Financial Planners are on hand to guide you through the entire Retirement Planning process. By providing a cash flow forecast, we can help you envision how your Financial Future looks. From assessing your time scale to determining your retirement expenses, we’re here to set you on the right path to achieving your future retirement goals.
To tick off your New Year’s resolution of planning for your retirement, get in touch with our team at Penguin.