How to Start Planning for a Comfortable Retirement Today

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A comfortable retirement doesn’t happen by accident – it requires focus, a carefully thought out plan and a series of action steps set out by a trained financial advisor. It’s never too early to start planning for your future and for most people, retirement is as future-focused as they can reasonably get. The top two things on people’s minds when they consider retirement are time, and money.

Time:

Having worked all your life you may have no idea how to fill all those empty hours in your day. The truth is that those hours are only as empty as you allow them to be. Retirement is your time to focus on you – and with decades of working to pay the mortgage, running round after the kids, caring for elderly relatives and standing round weekend sports events, by the time you retire you may be a little out of practise at knowing just what it is you want out of life. After all, what you’d like in your life now is very different to what you’d have wanted twenty years ago.

Take some time to think about what you might want to do once you retire. After all, this is your time; you’ve worked hard to get here and you owe it to yourself to make the most of it. What sort of activities do you really enjoy? What goals have you never really had the time to pursue? Perhaps you’re considering caravanning around the country, or taking a university course. Sailing off on an adventure now and then. These are the aspirations around which you can start to build your retirement plan.

Money:

As with any journey, it’s easier to reach your destination with a well drawn map. This is where a financial advisor like My Wealth Solutions can help. Once you have a clear idea of the kinds of things you want to do in your retirement, your advisor can assist you in examining the money side of the equation.

They’ll start by taking stock of your current financial position; where you are now, where you want to be, and how long you have to get there. They’ll also look at your current and future income. If you’re planning to travel overseas every year, you’ll want to ensure that this goal is accounted for in your plans. Your advisor will formulate a financial plan to make your retirement aims a reality. It will likely involve investments that suit your risk tolerance, and support your lifestyle goals.

The key is to focus on you; what you want for yourself after a lifetime of working hard. Where do you see yourself? On a beach? At a family barbeque? Attending special interest events? Whatever your dreams for your retirement, it’s never too early to start making them come true. Whether you’d like to travel to exotic locales, or start a microbusiness, a well-defined financial plan will ensure you have the retirement you deserve.

How would you like to spend your retirement? Share your ideal retirement lifestyle in the comments box below.

The information provided in this article has been provided as general advice only. We have not considered your financial circumstances, needs or objectives and you should seek the assistance of your GPS Wealth Limited (GPS) Adviser before you make any decision regarding any products mentioned in this communication. Whilst all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly neither GPS nor its related entities, employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.

Sarah Pinkerton

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