Planning for retirement income

If you are looking to retire there are many things you need to consider such as life expectancy, most people under estimate how long they may live.
As part of your planning make sure your minimum income requirements (MIR) are covered, these are your living essentials, then dependent upon funds available you can plan for the “nice to haves”.
Are you in good health if not it may be possible to increase the size of the generated income.
Is certainty of income important to you? And for how long, there may be critical time periods when there is a need for greater income which you can afford to reduce a later date.
What is your attitude to risk and capacity for loss?
Bear in mind your state pension commencing which means you may be able to turn down the income tap from elsewhere at that time.
Deal with an adviser who uses cash flow modelling tools to help you plan the retirement income journey.
Are any large capital sums required to fund things such as a new car, a holiday, helping children or grandchildren?
Would a degree of flexibility in your income source be beneficial? There are now fantastically flexible contracts available which can accommodate your MIR, and income flexibility in a tax efficient “wrapper”.
If you make a bad retirement decision it is a decision that will stay with you so take the right steps to ensure the correct decisions are made.
For any advice on these issues contact us as below.

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