Stratford-upon-Avon Living Sep - Oct 2021

More documents

Recommendations

Info

RETIREMENT PLANNING: A GUIDE Katie Thomson shares tips for getting your financial ducks in a row for a happy retirement... Retirement planning is a multi-faceted process which evolves over time - to have a comfortable and secure future, you have to have the means to fund it. Fewer people have access to the guaranteed income that comes with a final salary pension, and with longer to wait until eligibility for the state pension, it’s pertinent to start planning as early as possible for the retirement you want. The better prepared you are now, the better your retirement will be. There are many strands to retirement planning, and much of it depends on your stage of life. It’s important to seek advice from a registered financial planner who can help you make the most of your unique circumstances. There are some handy way points to help you get a grasp on where you are and what you will need - here’s a checklist of things to consider: Understand what your retirement income is likely to be: You will be adding to your pension fund during your working life, but it’s important you get a handle on your various pension pots to forecast the actual figure you will have access to. Check your state pension: The rising state pension age can have a real knock-on effect to your retirement planning - a state pension forecast will help you to gauge how much you’re on course to get from the government. Get an understanding of your expenditure: Having an idea of your expenditure will help you plan longer-term. Your living costs are likely to be a lot lower than in other phases of life - you might be mortgage-free and you don’t have the same costs for commuting, recreation or childcare for example. You may wish to improve your home or go on some amazing trips, so it’s important you know you have the financial reserves to do this. When should you start drawing a pension? You don’t have to stop working to draw down your pension - as long as you are over the age of 55 - but be aware, the sooner you start dipping into it, the sooner the pot will deplete. How much will retirement cost? This is the golden question, and really depends on the level of comfort or luxury you are looking for in your autumn years. A recent Which? study found that the average retired household (those living alone or as couples) spent an around £2,170 per month - this is covering all the basic areas of expenditure and some luxuries like European holidays. Those looking for a more luxurious lifestyle including longer-haul trips and new cars every five years would need to allow for approximately £3,400 per month, or £41,000 per year. Once you have a framework for the amount you’ll need, and what you are on track for saving, you also need to consider how you will access your pension pots - these might be state pension, a final salary pension and a money purchase/defined contribution pension. With your defined contribution pot, such as the one you might get in the government employee scheme, you can draw the entire pension pot in one go, but this will mean it’s entirely down to you to make the money last and you’ll invariably pay a substantial tax bill. Most people with these pensions will opt for income drawdown or an annuity, or a combination of both when it comes taking money out of their pension. With careful planning and accurate forecasting, your retirement can be something to really look forward to, but it is essential to make an assessment of your position as early as possible and use the advice of experts to make your money work harder for you. 26 | www.minervamagazines.co.uk
Questions about living in a care home? Speak to our Trusted Advisor, Philip, today. At WCS Care we know moving into a care home is an emotional and difficult decision and there’s lots to think about. We’ve over 29 years’ experience of helping people to make the best decision for their next home, whether that’s a WCS Care home, or one outside our group that’s more suited to their needs. Our focus is on doing the right thing for you, not us. Call me today for an initial discussion about your needs. 07802 728447 p.rainsford@wcs-care.co.uk wcs-care.co.uk /wcscare @WCS_Care Registered charity number 1012788 Extra Care Living apartments at Lavender Meadows Lavender Meadows has 75 two bedroom apartments available for rent and shared ownership for people over the age of 55*. Pets are more than welcome too! If you are looking to maintain your independence with the assurance of quality care and support, Extra Care Living is the perfect option for you. *Qualifying conditions may apply To book an appointment to view our show home, or to find out more, call the New Homes Consultant on 07702 554 697, Monday to Friday, 9am to 5pm or email Zoe.hopkins@housing21.org.uk Lavender Meadows | Corelli Close | Bishopton Stratford-upon-Avon CV37 9FZ housing21.org.uk www.minervamagazines.co.uk | 27
Page 2 and 3: Join us for our Open Morning Saturd
Page 5: TMX 120 #1 TMX 120 #2 TMX 120 #5 TM
Page 8 and 9: An enriching life like no other Whi
Page 10: Stratford upon Avon School Engage E
Page 14 and 15: On his baking classes for children:
Page 16 and 17: COMPETITION Time WIN A a two-night
Page 18 and 19: Following a refurbishment and newly
Page 20 and 21: Sponsor a Redwings rescued horse ww
Page 22 and 23: to do some presenting as they think
Page 24 and 25: Official distributors of PRG Traile
Page 28: ALSTERS KELLEY SOLICITORS OPENS FIF

Stratford-upon-Avon Living Sep - Oct 2021

Create successful ePaper yourself

Delete template?

Save as template?