Whether you’re a long way from retiring or it’s just around the corner, it’s always good to be prepared. Given the current economic climate, retirement planning comes with many important decisions and considerations.
What are some of the factors I should consider during retirement planning?
Retirement planning isn’t just about financial concerns. As a financial group, we’ll help you take care of your financial concerns, from tax to investments to your pension. However, there’s plenty more to consider too:
- The lifestyle you’ll lead. Will you still work? Will you pack everything up and go on the holiday you’ve always dreamed of? Do you want to live in the country or in a bustling city?
- Your health. As well as your diet and general well-being, you should always consider your health. If you have any illnesses or long-term problems, you’ll need to factor them into your retirement plan.
- Is Social Welfare Benefit applicable to your circumstances? Will you be on the State Pension or do you have a private pension or investments?
- Time management. How are you going to spend your time now that you’re retired? Will you pick up a new hobby or take up an interest? Do you want a sedentary retirement or do you plan on keeping active?
- Personal affairs. Do you have a will? Are your personal affairs and legalities in order?
Is retirement planning relevant to me?
There are three stages of retirement where most people require expert advice: before, during, and after retirement. With Cornmarket, our advice covers:
- Superannuation and AVC entitlements
- Social welfare benefits relating to your pension entitlements or other entitlements you may have from previous services abroad
- Investment options, and more.
At each stage of retirement, our Retirement Planning Consultants will have a meeting tailored to your circumstances.
What’s involved in the Retirment Planning meeting at each stage?
1. ‘Pre-Retirement Review’
Ideally, five-six years before retirement, you should schedule your first face-to-face consultation with a Retirement Planning Consultant. We’ll review your plans for retirement and make sure everything is in place to make your plans a reality.
2. ‘At Retirement Review’
In the months leading up to your retirement, you’ll be faced with plenty of big decisions and considerations. You’ll have 2-3 consultations before and during your retirement that will ensure you’re completely up to speed on tax considerations, various formalities, financial steps, and anything and everything you need to know. All questions and quandaries will be asked and answered!
3. ‘In Retirement Review’
Once you’ve officially retired, you’ll have periodic consultations with your Retirement Planning Consultant to make sure your finances are on-track and you’re prepared for your future.
Why do I need retirement planning?
1. Retirement Planning prepares you for your future.
Retirement planning and retirement itself can be a time of big changes, and not just financially! Planning for retirement helps everyone really solidify their future. It allows you to consider all aspects of your life and the way retirement will affect it.
2. Retirement Planning means you’ll be set up to understand your future. It also offers real peace of mind.
Even if retirement is still a long way away, it’s important to have a clear idea about the direction you’re going to take during the various stages in your life. Retirement planning really helps you to move from one stage of life to the next—as well as really considering your individual situation and personality. One retirement plan doesn’t fit all—which is why a tailored retirement plan is so important.
3. Retirement Planning makes sense!
Retirement is a huge change, emotionally and financially. A planned retirement is a more fulfilled retirement!
However you intend to spend your retirement, it’s so important to have a plan in place.