Income in Retirement Checklist
There are a number of things you can do to improve your income in retirement. Here’s some of our suggestions :
Review your pension with one of our financial advisers. Your financial adviser will suggest ways of using your existing pensions to generate the optimal level of income in retirement.
Budget your spending. Careful budgeting will ensure that you have sufficient money to pay for the essentials and possibly some of the luxuries too. We can do an Affordability Check for you.
Consider retiring gradually. You may be able to work and retire at the same time by cutting down your hours or days of work. Employers must now consider all requests for flexible working, if reasonable. You may even consider, if you are able to, taking on new employment to boost your income. Employers cannot discriminate applications based on age.
Make changes to your savings. If you hold investments or bank deposits, consider how they may be changed to create income.
Claim State benefits. You may be entitled to additional State funded support such as Pension Credit and Housing Support, especially if you have, or are looking after someone, with special needs.
Downsize if you can. By moving to a cheaper property, you may free up equity in your property and may also reduce your household bills and insurance outgoings.
All of the above needs careful consideration.
We can advise you on all of these subjects and for a fixed cost. We can also create a Life Plan for you which will map out your income needs and plan for a financially secure retirement.