Don’t Outlive Your Savings: Five Tips for a Secure Retirement

Ready to retire, but worried about your savings running out? Read on for a few tips.

As we approach retirement age, it is natural to start thinking about how to make the most of our retirement savings and ensure they last as long as possible.

Here are five tips for planning for retirement and making your money last.

1 - Start early

The earlier you start saving for retirement, the more time you have to build up your savings and take advantage of compound investment returns.

Starting early also means you can afford to take a more balanced approach to investing, with more time to recover from any downturns in the market.

Even if you have already started saving, there is always time to increase your contributions and take advantage of catch-up contributions.

2 - Set a realistic retirement goal

It is essential to set a realistic retirement goal based on your expected expenses in retirement.

Consider your expected living expenses, healthcare costs, and any travel or other leisure activities you plan to enjoy in retirement.

Use a retirement calculator to estimate your retirement needs and adjust your savings plan accordingly. Or, better still, speak to us about creating a lifetime cash flow forecast for your expenditure in retirement!

3 - Diversify your investments

Diversification is key to managing risk and ensuring that your investments are well-balanced.

In practice, diversification means spreading your money across different asset classes, such as stocks, fixed income securities, and property.

A well-diversified portfolio can help weather market downturns and ensure that your investments generate income throughout your retirement.

4 - Consider a phased retirement

Phased retirement can be a great way to ease into retirement and make your money last longer.

This might involve working part-time or taking on consulting work, which can supplement your retirement income and provide additional savings.

Phasing your retirement can also help you transition into retirement and stay active and engaged in your profession.

5 - Stay flexible

Finally, it is important to stay flexible and be willing to adjust your retirement plan as circumstances change.

Staying flexible might mean working longer than planned or adjusting your living expenses if your retirement savings do not meet your expected needs.

By staying flexible and open to new opportunities, you can ensure your retirement is financially secure and fulfilling.

Planning for retirement can be a complex process. Still, by starting early, setting a realistic goal, diversifying your investments, considering phased retirement, and staying flexible, you can make your money last and enjoy a financially secure retirement.

Don't wait until it's too late to plan your retirement. Take action now by speaking to us so we can help you create a personalised retirement plan based on your unique goals and circumstances.

With the right plan, you can enjoy the retirement you deserve without worrying about running out of money.

Contact us today to schedule a consultation and get started on the path to a secure retirement.

Please note

Pension investment funds and the income from them may fluctuate and can fall as well as rise.  Eventual retirement income will depend on the size and value of your pension pot, future interest rates and tax legislation. Tax treatment is dependent upon individual circumstances and may be subject to change in future.

 

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