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How Much do you Need for a Comfortable Retirement?

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When it comes to retirement and the amount of money you will need to live comfortably in your later years there are no hard and fast rules and the amount will vary depending on your personal circumstances and financial responsibilities. It is imperative that you begin thinking about your retirement early enough to make adjustments that will have enough time to make a difference to your pension pot.

While there is lots of talk in the media about the average retirement income, how much you will require will depend on your unique personal and financial circumstances. Factors you may want to consider include:

  • The worth of your pension pot
  • How much income your pension pot will generate
  • The amount of income you anticipate you will need to retire – what will your monthly outgoings be for household bills and rent or mortgage payments?
  • The type of retirement you want – do you plan to travel or want extra income for hobbies and socialising or helping family members financially?

It is good practice to seek the advice of an independent financial advisor to help you understand and determine your financial situation when you reach retirement age and help you to implement pension planning strategies that will help you reach your retirement income goals.

As an experienced independent financial advisor (IFA) and firm of Chartered Financial Planners in Lincoln, we work in partnership with our clients to ensure they have the best retirement planning strategies in place for their personal circumstances and financial objectives. At Castlegate, as an independent financial advisor in Lincoln, we can advise and support you with all aspects of retirement planning to ensure you have the most efficient strategies in place, sourced from the whole of the market.

How Much is your Pension Pot Worth?

There are many tools available to help you calculate the worth of your pension pot, however, seeking advice from an IFA such as Castlegate will help you gain a much clearer understanding of how much your pension pot is worth. From this you will be able to work out how much income will be generated from your pension pot. It is important to remember that income from pensions may be taxable (depending on the amount) so be sure to take any tax liabilities into account.

If you find your pension pot is not worth what you were hoping for or does not provide you with the income required to live the retirement you want, you can boost your retirement income by paying more into your personal pension. If you are employed it is worth checking whether your employer will pay into your pension, as some employers will match the amount employees pay into their own pensions.

At Castlegate, as an independent financial advisor in Lincoln and the surrounding areas, we can support you with all aspects of retirement planning to ensure you have the most effective and efficient strategies in place to ensure you have the income you require for a comfortable retirement. As an experienced independent financial advisor in Lincoln we provide financial advice that is tailored to your unique personal circumstances.

If you are looking for an independent financial advisor in Lincoln or across the East Midlands to provide advice and guidance on retirement planning, please do not hesitate to get in touch to talk about the most appropriate investments products, sourced from the whole of the market, for your personal circumstances and financial objectives.

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