Reaching your 60’s – the retirement decade? What you need to consider

Should you continue working?

You may intend to keep working a little longer, or you may consider reducing your hours.  Your state pension will not now be accessible to you until your 67^th or 68^th birthday.  The maximum you can get is based on 35 years of full National Insurance contributions.  But you may have a personal pension that you have already accessed at 55. Besides, this will increase to the age of 57 from 2028. Ultimately, this may give you different options for your working life.

Review your budget?

What do you want your ‘retired life’ to look like.  How much will you realistically need a year to fulfil this. 

Reaching your 60’s – Consider downsizing?

If you own your own home you may consider moving to a smaller home.  This is a good way to release some capital and also save money. As a result, you can use this for other things such as holidays and hobbies.  Or you may wish to consider Equity Release.

Your Will and LPAs (Lasting Power of Attorney)?

If you haven’t done so already, you should write a Will. Alternatively, you may need to update your existing Will.  Also you should consider putting in place a Lasting Power of Attorney. Notably, should you become incapacitated and need someone to make important decisions on your behalf.  There are two LPAs, one to cover Property and Financial matters and the other Health and Welfare needs.

Reaching your 60’s – Estate Planning?

It is important to speak to a Financial Adviser. Moreover, to ensure you’re protecting your financial future as well as your loved ones in the most tax-efficient way.

Reaching your 60’s – the retirement decade? To understand how we can help you with your financial planning and long-term retirement goals, call us today. For a free initial consultation, call us on 01603-957599.