Guardian Wealth Management has a reliable team of independent financial advisers based around the world, who are ready and waiting to offer retirement advice no matter what your current position. Planning your retirement is an essential element of your overall wealth management plan – after a lifetime of working, it’s only reasonable that you’d want to settle into a relaxing lifestyle where you have access to enough funds to do exactly what you want.
It’s no surprise that the sooner you start planning your retirement the better, but regardless of your age, there’s always a way to instigate a sound retirement plan. It’s important to bear in mind that the average life expectancy continues to increase, meaning that many of us can look forward to 30 years of retirement – which is fantastic, but does mean you’ll need more funds to carry you through.
Planning retirement – advice through the decades
In your 20s, getting retirement advice may seem almost pointless, with that great sense of longevity that comes with the benefit of youth. However, while you may not want to start thinking about retirement, you should certainly be trying to clear any debts, such as student loans, clear any credit cards and then find something leftover every month to put away in a tax-free savings scheme such as an ISA.
Moving into your 30s it becomes a little more important to focus on the future. At this stage of your life you should be getting a better handle on your income and outgoings and looking at ways to minimise your debts. It’s also the time where you should certainly be joining any pension scheme that your company offers. Remember that you can take advantage of a little more risk at this stage, so you could also look at getting bespoke retirement advice so that you can have more control over your investment.
Once you hit your 40s, you should have put away a fairly nice savings pot already, and if you haven’t then you need to seriously think about it now! In terms of your career, you’re probably starting to reach your pinnacle, so start putting some of that hard-earned cash into a pension if you’re not already doing so.
In your 50s, it’s worth looking at lower risk options and getting a greater level of control – think about a SIPPS and get some advice from a professional. You should also look to increase your contributions, especially as you’re likely to have lower overheads and fewer responsibilities to young children.
Some people take early retirement in their 50s, while others wait until their 60s. Regardless of your personal position, you should definitely look at getting some independent advice when you’re nearing your retirement. A financial adviser can talk you through the various things you need to think about, such as annuities, drawdown and even alternative schemes such as QROPS for those planning a new life abroad.
Advice on hand, whenever you need it
Whether you’re approaching retirement or you just want some retirement advice to start you off on the right foot, please feel free to contact our advisers here at Guardian Wealth Management anytime you wish – wherever in the world you may be.