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Planning Before Retirement

Apart from any inherited wealth all of our assets are built up from our disposable income during our working years. When we are working and earning good money is easy to allow day to day expenditure to creep upwards to use up most if not all of our disposable income. It is no accident that the vast majority of people rely on pension schemes and property for their main retirement assets – both of which are built up through enforced savings via pension contributions or mortgage repayments. As such these are very effective means of saving as the monthly payments are removed from income before we have a chance to spend it.

A pre-retirement financial plan should aim to build the same discipline into all the components of our finances. Within the Personal Finance Zone there are sections dealing with the major elements listed below which should make up your financial plan. Just follow the links below to find out more.

Saving on Essential Expenditure so that more of your income is available to support your current lifestyle but also to allow for investment for the future.

Loans/Cards/Money gives some useful information about the finding the best cost of money and our recommended Hierarchy of Borrowing

Pensions covers the pros and cons of investing in company and personal pensions.

Mortgage Choices sets out the options available to ensure that your requirements from a mortgage are properly met – whether just to minimize your monthly outlay or to allow more flexible mortgage repayments and borrowings to be at your disposal as part of an overall retirement plan

Savings and Investments examines some of the investment choices available as a suitable home for any surplus income.

Property Investment looks into second homes and buy to let schemes

Insurance covers the various insurances you may require and how to purchase these most cost effectively