One Four Nine Wealth – Guide to Building Your Dream Retirement
How to simplify the process and pave the way for a secure and enjoyable future.
Preparing for retirement can seem complex and overwhelming, with questions such as how long your savings will last and what kind of lifestyle you can afford after retiring. These considerations can make it challenging to feel confident about your plans.
In recent decades, retirement planning has seen significant changes. The predictability of final salary pensions has become less common, and eligibility for the State Pension now starts later in life. These shifts have placed greater responsibility on individuals to take charge of their retirement savings.
Starting early is key. The sooner you begin planning, the greater your chances of building a secure financial foundation to sustain your desired lifestyle in retirement. However, this isn’t always easy, especially when competing with other financial priorities like mortgages, family expenses or paying off debts.
Retirement planning doesn’t have to be a solitary or overwhelming experience. Whether you’re unsure how much to save, don’t know which investment options suit you best or need clarity on navigating pensions and benefits, the right support can make all the difference.
Aligning your target retirement age with your financial reality
Retirement is a milestone in life that symbolises freedom from the daily grind, allowing one to focus on the things one truly enjoys. Whether one imagines spending endless afternoons with family, travelling to new destinations or exploring hobbies, these dreams rest on a solid financial foundation built over decades of work and planning.
However, retirement is not solely about financial figures; it requires aligning practical financial goals with your desired lifestyle and target retirement age. By carefully assessing your readiness and addressing any gaps, you can enhance your confidence in retirement planning. So, what are the key aspects of preparing for retirement that can help ensure you have a comfortable future?
Define your retirement vision
Retirement varies for everyone, so the first step is to clearly visualize what it means to you. There is no universal template for how this phase of life should unfold. Your unique preferences and circumstances will determine how you prioritise your time and resources.
Would you prefer tranquil days in a rural setting, or are you attracted to the prospect of relocating overseas to enjoy warmer climates? Perhaps your vision involves dedicating your time to a passion project, acquiring new skills or giving back through volunteer work. A growing trend is phased retirement, whereby you gradually reduce your workload, transitioning from full-time to part-time work or even consultancy roles.
A clear vision of your retirement lifestyle enables you to estimate the financial resources required to make those dreams a reality. Without this clarity, it is difficult to ascertain what you need and plan accordingly, so take time to outline it.
Read our Guide to Building Your Dream Retirement below.
The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.
