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Money Matters
PENSIONS
If you have already made adequate provision, then enjoy your forthcoming
holiday years. If you have not, then you need to start taking action now.
PLAN NOW FOR THAT LONG HOLIDAY
For if you don’t, you are running a serious risk of outliving your savings
once you have stopped working.
How does the idea of a holiday lasting perhaps 20 or 30 years sound? No So how much are you going to need to fund this long-lasting holiday?
more work, just a permanent break, pleasing yourself what you do every The simplest way to find out is to work out your magic number. This
day for the rest of your life. helps you calculate how much your pension fund should be to give you
the retirement income you want.
It sounds very enticing – and its called retirement. The only snag, of
course, is that you have to pay for it in advance. And the earlier you start By taking into account all your likely living costs, calculate how much
paying for it, the better your lifestyle is going to be when you finally give annual income you think you might need if you were to retire at the age
up going to work. of 65, allowing for inflation. Multiply this figure by 25 and this gives
you your magic number – the retirement fund you will need based on
current annuity rates.
The next important step is to start planning for your retirement – and
to do so now. The earlier you make a start, the easier it is to create
the lifestyle you want. And in doing so, take into account that
pensions still represent the best option when investing for
retirement.
Whether you have no plans for retirement just yet, or you have
several different plans from previous employments that make little
sense to you, fulfil that New Year’s Resolution and call Godfrey
Wealth Management to book a free review.
Please feel free to contact Ben Godfrey, Director of Godfrey
Wealth Management for more information or to book a
financial review at no cost. GWM promise to provide
friendly, honest advice that you can trust.
www.aroundsaddleworth.co.uk
around SADDLEWORTH 59
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