Pensions

Planning for retirement

The day we retire is one that most of us look forward to. However, for many people this thought is also tinged with some degree of anxiety.

The mixed feelings are quite understandable. The thought of more time to spend on your favourite hobbies or with your family can be weighed against the worry of how you are going to get by without that regular salary that you may have come to take for granted.

It is too often the case that only when retirement is looming do many people really put their mind to solving the financial questions that are raised. This is such a pity as good forward planning can help make the transition to retirement so much easier.

Starting a pension as early as possible is an excellent tax efficient way of making sure that you are prepared for the big day. KLSA Financial Services can guide you through all the options available and recommend the best course of action based on your own individual circumstances.

Although not directly connected with saving for retirement ask yourself the following questions:

1. At what age would I like to retire? How many years away is this?

2. Will my mortgage be fully repaid by the time I retire? If not, how will you keep up the payments after retirement?

3. You may have planned to live on a reduced income after retirement. Remember, with more free time on your hands the amount you spend on day to day living may well increase, similar to when you are on holiday really. Have you budgeted for this extra expenditure?

4. Have you planned for major expenditure such as changing the car periodically? Loans may not be as easy to raise when you are retired and indeed you may not wish to be taking on any debt at all in retirement.

This is only a brief list of the possible problems that you may face but it serves to reinforce the point that life's expenses don't stop when we stop working. Most of us can look forward to around 20 years in retirement, are you ready?

It's never too early to give this matter serious thought so why not call KLSA Financial Services today for a free discussion regarding your circumstances. Our expert advisers will be happy to talk to you about ways in which you can make sure that your retired years are worth the work you have put in to get there.