There are many different phases to retirement, from the active “go go” years, to slower later life. Being emotionally and financially prepared for each stage will ensure you can experience long-term peace of mind and a sense of comfort and security for the rest of your life.
Our starting point with each and every client we work with is what you want to achieve from the years ahead.
- Do you want to travel and tick items off your bucket list?
- Would you like to relocate or perhaps you’d like to renovate your home instead?
- Would you like to be able to help your grandchildren through university or onto the property ladder?
Whatever your plans are, you’ll want to be sure they aren’t going to affect your long-term financial security. As retirement planning and later life specialists, we will help answer your questions, and replace uncertainty with confidence.
If passing wealth down to younger generations of your family is important to you, we will make recommendations for strategies to enable you to see those you care about benefit from your wealth, and ensure you are making the most of all the tax efficiency opportunities available to you, while not jeopardising your own long-term plans.
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Understand whether you have enough in the pot to achieve your retirement dreams.
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Identify if alternative arrangements could help you preserve your wealth for longer.
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Enjoy your retirement to the full, while ensuring you are saving enough for later life.
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Discover whether you can afford to help your children or grandchildren financially.
Six things to think about when you’re already retired
Number 1
Allow yourself a period of adjustment
Going from not having a spare moment to yourself to having all the time in the world can be a very exciting feeling, but it can also be a bit of a scary feeling. So don’t be surprised if you have mixed feelings in these early days as you get used to a new routine and slower pace of life. Don’t place any pressure on yourself to be completely anything – organised, excited, or adjusted. You might not know how you feel for a while, and that’s ok.
Number 2
Make a list
While some people spend years daydreaming about what they’ll be able to do when they retire, others find finishing work leaves a gap that’s hard to fill. Starting your retirement with a clear sense of what you want to achieve, both on a day-to-day basis and over the longer term, will help take away any anxiety you may be feeling about this new phase of life. Of course, the planning process isn’t something you can expect to complete in a week – so why not simply aim to identify your first goal this week.
Number 3
Treat yourself
You’ve worked hard to get here so why not take a moment to celebrate? How you wish to celebrate your retirement is totally up to you. If want to mark the milestone with a nice bottle of something rather than a big party for all your friends and family, then go ahead, you’ve earned it.
Number 4
Learn from others
Like all major life transitions, there is no one definitive “How to” guide to retirement. And thank goodness – it would be pretty boring if there was only one way to do it! But there are plenty of resources you can turn to. We often recommend our clients read “Where Will You Be Five Years from Today?” by Kobi Yamda; “The Bucket List: 1000 Adventures Big & Small” by Kath Stathers; our blog on writing a bucket list; or our bucket list resource.
Number 5
Take action if you’re worried about your finances
Money worries frequently top the list of concerns people report having as they head into retirement. Even if you have carefully budgeted and saved for many years, you may be feeling some degree of anxiety about going from a monthly pay cheque to drawing from your retirement pot. Don’t let money worries spoil your fun – get answers to your questions and replace uncertainty with a plan. Professional help from a financial planner who specialises in retirement planning can bring peace of mind and confidence about your future.
Number 6
Reach out if you need help
There’s no need to struggle alone if you’re finding the transition hard. Having an active social life and regular arrangements with friends to look forward to is important in making a successful transition. But there are also plenty of organisations, such as Age UK and Independent Age, that can offer advice, support and a new network of friends if you’re finding the loss of workplace interaction difficult to replace.
Ready to talk?
If you want to know more about getting the most out of your finances for your retirement, investing or estate planning, please get in touch. You can send us an email or use the direct message box at the bottom of this page. Or call us and we can chat through your needs and, if you are ready, make an appointment to better understand how we can help.
Resources
Your Retirement Choices
DownloadOur Managing Director, Andrew, is an accredited member of the SOLLA Retirement Advice Standard.
Qualifying him to deliver specialised advice on later life care funding, investments, annuities, using property to supplement income, and your financial wellbeing throughout retirement.
Andrew has made us aware of all aspects of the planning process in ways easy to understand and in a way that is never rushed or shrouded with jargon. His work has been very thorough with attention to every detail. He has been an invaluable source of help and advice, and we look forward to maintaining contact for many years to come. Andrew was recommended to us, and we in turn recommend him as an excellent Financial Adviser and Planner, with good advice, good knowledge and a genuinely caring approach to his clients.
Mr & Mrs J LytheLeeds
We really feel part of a "family". This is due to the care and consideration you have both shown to us over the years. You show a concern not only to our financial needs, but also taking into account the history of our family, and where the future for them may be! This is what makes you as a "partnership" very, very special to us.
Dr & Mrs K PeacockGrimsby
Approaching retirement
Andrew… explained everything in an easy-to-understand way. The one-hour meeting went on for almost three hours but because it was so interesting the time flew by.
Mr & Mrs P McCluskeyPontefract
Approaching retirement
New ideas raised and options offered which I would not have thought of. Friendly approach with great comfort in being able to raise any matters.
Dr N KitchenMaltby
Approaching retirement
Andrew cares about us and our family's wellbeing. He offers a personal service that suits our needs and tailors our financial planning accordingly. He is incredibly knowledgeable but has an ability to describe complex issues in a straightforward way. He has completely sorted out our financial situation and we don't know how we would manage without him.
Mrs K TunstallOtley
Keeping your wealth in the family
I have known Andrew a long time, but more recently he has been acting as my Financial Adviser. In this time he has provided some very useful information, insights, options and advice on key financial decisions. His style is always supportive, tailored and unhurried. I feel he is one of a few advisers I can trust.
Mr R MountainWarrington
I have used Andrew for over ten years now. He knows the business very well and presents all possible options to allow you to decide for yourself the best fit solution. He is friendly and freely gives advice without making you feel pressured. I would have no hesitation in recommending him for investment advice.
Mr N HopwoodWakefield
Andrew was extremely professional and guided us through the maze that is the financial world. He took the time to really understand our position, explained very clearly a number of options and the implications of each. Most importantly everything was conducted in a clear manner, helping us make the decisions.
Mr & Mrs M ErwinWetherby
I wanted to say a big thank you for the way you have guided us through the whole process. We have really appreciated your patience, clear explanations, lack of judgement about how we have saved so little so far, and your grounded approach. It has made what could have been a very confusing and uncertain process, seem far less intimidating. It’s been a pleasure "working" with you.
Mr & Mrs C CardenLeeds
Andrew was very welcoming and immediately easy to get along with. His professionalism stood out and we were quite confident that we had made the correct choice for dealing with our financial affairs. We are looking forward to a long and rewarding relationship.
ClientNorth Yorkshire