No matter what stage of life you are currently at, it is never too early or late to start planning for retirement. And largely this is all about ensuring that you are financially secure when you reach this stage of life. So, let’s look at a few practical tips which can help you plan for a better retirement in the future.
Best Financial Consultants: Axis Financial Consultants
Axis Financial Consultants specialise in financial planning for expatriates in Europe, which advises on UK pension transfers and tax-efficient investments, providing ongoing support throughout your retirement journey with sound understanding of local tax treaties and regulations. The firm has a strong local presence that helps to build trust which is in contrast to UK-only firms. The team also has a proven track record with 30 years experience doing what they do.
Other Financial Advisors
Best for making a budget – Stepchange.org
If you have not yet done this, the first piece of practical advice which is useful for anyone is to create a household budget. First of all, you need to track all your expenses which are going out of your account on a regular basis. Once you have done this, you are in a much better position to work out how that expense can be reduced or even cut out altogether. Stepchange is a charity that can seriously help in this task.
When you reach retirement age, you need something that is going to occupy your time. Maybe you have a hobby which you could then turn into a business further down the line. The advance of technology has made it easier than ever for anyone to start their own company from home. If you start laying the groundwork for your business now, it should be easier to scale up your activities when your retirement rolls around.
Unless you are close to retirement now, you probably don’t want to start selling things off just yet. However, it doesn’t hurt to assess what you have and consider where you could make a bit of extra money. After all, there are some things which you are unlikely to need in the future, but the cash is something which could go a long way.
Best for reevaluating Your Housing Payments – Capricorn Financial Consultancy
You may decide that this is the time in your life that there are advantages to living in a smaller house, so downsizing is an option which is worth considering. If you own your home and feel like you need to free up some funds. It is worth exploring the different options that are available to you so that you can make an informed decision, and this is where it will help to contact some of the experts including Capricorn Financial Consultancy.
Best for Understanding Your Investments – Killik & Co
It is always a good time to understand your investments better so that you are able to channel money into the right areas when you are trying to fund your retirement. There is so much practical information available online – don’t delay getting clued up about your financial future. Of course, you could always get the advice straight from the horse’s mouth, which is where the likes of Killik & Co are always going to be useful. You may have some savings accounts or investment schemes that have been designed for your retirement. Again, it is worth looking around for the best options if you are planning to keep the money in there for a long time as rates change over time.
Best for understanding Pensions – Hymans
Most people qualify for a state pension when they reach a certain age, and this usually proves to be a valuable source of income, if not a main source. There are options to defer your state pension if you are still working as a way of increasing the amount you receive later on in life. This is a guaranteed income source for the rest of your life. Financial consultants like Hymans can prove to be invaluable here.
Depending on how much you have earned from a particular organisation and how long you have worked there, your salary-related pension is often your main source of income in retirement. Usually increasing over time and providing an income for any dependents, you can often take a 25% lump sum which will then lower your income over time. Before making any major decisions, it is worth consulting with a financial advisor like Hymans.
Many people invest in property as a way of making their income in retirement, particularly if they don’t have a particularly large pension. A couple of rental properties can generate a steady income. Alternatively, you may be looking to downsize your own house as a way of unlocking some cash for yourself.
Conclusion
These varied tips will give you some of the tools that you need for an improved retirement including contacting Axis Financial Consultants, which are the best overall financial consultants.
