Retirement Planning at Rutherford Hughes

Retirement Planning at Rutherford Hughes

Preparing for retirement

Retirement, whether full or partial, requires some planning. It is not realistic just to decide to stop working and not to have a plan. Where is your money going to come from the day after you stop and how will you fill your time? These are just a couple of the questions that you need to ask yourself.

Retirement is an important stage in life’s journey, and what you have spent a long time working toward. We can help you consider how much money you will need to live on. What is your budget? What plans do you have in retirement? Are they achievable?

Where is your money going to come from; pension plans, investments, sale of a business etc.? It is also a good idea to review your mortgage and other debts so that they do not consume too much of your income.

We can help you analyse your prospects for a comfortable retirement by valuing your assets and producing cash flow models to check if you can reasonably achieve your goals.

The vital thing to remember is not to leave it too late before you take advice. The earlier the planning is implemented then the more comfortable the retirement. A bonus is that it will probably save you a lot of tax too!

 

 Living in retirement

Congratulations, you have made it to retirement! You now have more time to do the things you love. But now you need to work out how are you are going to fund it. Afterall, you probably don’t have that regular income anymore.

Hopefully, you have built up a good pension fund and some other investments. But the big questions are what is the best way to use them and how long will they last?

The good news is that we can help you through this conundrum. With our help and advice, you will be able to have your own cashflow model which will allow you see how long your money may keep you. You will also be able to gauge whether you can give some money to the kids or buy a holiday home.

We would also advise you on the advantages and disadvantages of purchasing an annuity or using a “drawdown” arrangement, or combination of the two. There is a myriad of options available these days, and it is vital to understand your choices.

We will be here to help you with your planning at outset and as circumstances change, which they inevitably do.