Whether you are a busy professional, medic or business owner, the simple answer to the question, “when should I start planning my retirement?” is – now! It’s never too early. If you organise your life now you will minimise stress for yourself and your family in future.
Holiday season is often the time people will start to think about this, as they sit by the pool recharging, longing for the day they can do this more often.
We meet lots of people who work really hard into their 50s and 60s. Many love their work and often have the financial means to retire but they don’t take the plunge. Why?
- Usually because they don’t understand what level of income their existing assets, pensions, investments and cash would give them.
- They haven’t had time to consider what income they will actually need.
Often though it’s because they can’t imagine life where work doesn’t take up the bulk of their time. They haven’t had time to have interests that would fill their days.
At Robson Laidler Wealth we do a lot of planning around phasing out of work, helping people to start winding down and look at what that might look like financially.
For some business owners we work with their accountant on succession and exit planning in their business. We have an upcoming webinar on this topic. More info here.
And for a lot of medical professionals and dentists this will be around reducing sessions at work and perhaps taking their NHS Pension earlier to facilitate this.
A phased approach into life beyond work is a good approach to take now, if you can manage it, and we can help you determine whether the numbers stack up.
Talk to us and maybe you’ll be ordering that next poolside cocktail earlier than you think!