Retirement and the questions to ask yourself

Retirement – the word conjures different feelings for different people, some feel elation, some dread but the fact is we should all be prepared. Read on for some important questions to ask yourself.

When do I want to retire?

Your first question is one of the big ones: When do you want to retire?

Perhaps you love your job or your business and want to keep working? Or maybe you can’t wait to get out and start enjoying yourself? While financial considerations undoubtedly play a role in when you want to retire, other factors should too.

For example, if you’re hoping to spend time in the great outdoors during the summer, retiring in

the spring could get you off to a great start. Other plans you have for early retirement may influence when the right time is for you.

So, start by thinking about when you’d like to retire, but remember that other things will also influence your decision – such as whether it is financially possible.

How do I want to retire?

It might sound like an odd question, but you should also ask yourself how you want to retire. The days of finishing work on a Friday and waking up ‘retired’ on a Monday morning are long gone.

Lot of workers over 50 now want to blend work and retirement to create a transition phase. This could mean:

• Working part-time

• Working in a consultancy or mentor role

• Stepping back from the day-to-day running of your business

• Starting your own enterprise

What do I want to do when I retire?

The notion of not having to work anymore may be appealing, but what are you actually going to do with your retirement?

The reason this is crucial is because it will impact the amount of money you’ll need to live the lifestyle you want. If your ambition is to travel the world, you’ll need more in the bank than if you just want to stay at home with your grandchildren. Your retirement might be an opportunity to finally relax or give you the time to head out on an adventure.

So, to understand what your pension pot might need to look like, it’s important that you think about all the things you’d like to do when work is no longer in the way.

What will my retirement cost?

You have an idea of when and how you’d like to retire, and what sort of lifestyle you want when you stop working. Now it’s time to work out how much this will cost, and therefore how much you need to have saved by the time your final day at work arrives. Typically, retirees find that their day-to-day expenditure decreases, although you may spend more on leisure, entertainment, and travel.

So, what does this mean for you?

If you want to ensure that you have enough to live the lifestyle you want when you retire – and to maintain that lifestyle – you need to start planning now and contact us to get started.

Silvia Johnson Bsc(Hons), DipPFS, EFA, CertCII (MP) is a Director and Independent Financial Adviser at Royale Thames Wealth and provides independent financial advice to individuals and businesses.

07908 109 741 / 020 8720 7249

Royale Thames Wealth Ltd is an Appointed Representative of New Leaf Distribution Ltd which is authorised and regulated by Financial Conduct Authority number 460421.The value of your investment may go up as well as down and the value is not guaranteed. Past performance is not a guarantee of future performance.Wills and Estate Planning are not regulated by the FCA

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