Hugh Lambert No Comments

If you’re in your 50s and you want to retire in your 60s, now’s the time to start planning – Here are some action points that you can take:

The first is to clarify what income you want in retirement. It’s pretty straightforward. Most people don’t want to change their lifestyle, so it’s their current income.

If all goes well, that’s less any mortgage loans and possible education costs. Once you have that, you now need to know how you will generate it.

So you’ve got to consider private pensions and what they’ll yield for you in retirement, and you need to get some clarity on eligibility for the state pension.

After that, there could be other assets, such as savings and investments and the income they might yield from rental property and the business proceeds.

Then you match the two up, and you’ll see if there’s any shortfall.

If there is a shortfall, you’ll need to look at funding for retirement. The most efficient way to do so is through your pension because of the tax relief.

Other considerations are whether loans need to be paid off, potential education costs, potential gifts to children, tax on lump sums from pensions can be sold, or the money can be ringfenced towards that.

If this is something you’re thinking about and you feel you need some answers, feel free to get in touch and start a conversation💬

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