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Perhaps you\u2019re looking forward to having more time to explore faraway places. Or maybe you dream of simply waking up each day and doing whatever takes your fancy. However you see your future, retirement is a time for you to do the things you\u2019ve always wanted to do.<\/p>\n
Concept of retirement<\/strong> Working habits<\/strong> Supporting your family<\/strong> Health<\/strong> Savings and property<\/strong> How you choose to take your pension<\/strong> The effects of inflation<\/strong> What will influence your retirement income needs? Retirement is a time for you to do the things you\u2019ve always wanted. When considering your retirement income needs, you need to consider the types of events you would like to happen after you retire that may impact your budget. Thinking about these early could help you when… Read more »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[230],"tags":[],"_links":{"self":[{"href":"https:\/\/teessidefinancial.com\/news\/wp-json\/wp\/v2\/posts\/2250"}],"collection":[{"href":"https:\/\/teessidefinancial.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/teessidefinancial.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/teessidefinancial.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/teessidefinancial.com\/news\/wp-json\/wp\/v2\/comments?post=2250"}],"version-history":[{"count":0,"href":"https:\/\/teessidefinancial.com\/news\/wp-json\/wp\/v2\/posts\/2250\/revisions"}],"wp:attachment":[{"href":"https:\/\/teessidefinancial.com\/news\/wp-json\/wp\/v2\/media?parent=2250"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/teessidefinancial.com\/news\/wp-json\/wp\/v2\/categories?post=2250"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/teessidefinancial.com\/news\/wp-json\/wp\/v2\/tags?post=2250"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nThe very concept of retirement has changed. \u2018Phased retirement\u2019 is becoming more common; the way we access our pension is now a lot more flexible, and in the UK we\u2019re living longer than ever before. A longer retirement and more choice over how you take your pension require planning ahead to help ensure you\u2019re on track to a financially secure future.<\/p>\n
\nAlthough you may have retired from full-time employment, perhaps you may wish to earn money from part-time work. Besides the State Pension, consider any other income sources you\u2019ll have when you finish working full-time and find out when they commence.<\/p>\n
\nPerhaps you have children or grandchildren that you plan to help through further education. How will you provide this financial support once you\u2019ve retired? Some people intend to help their children onto the property ladder. Have you made a plan for how you\u2019ll afford this?<\/p>\n
\nLeading a healthy lifestyle can help ensure you\u2019ll be fighting fit during your retirement. However, ill health can strike at any time. And although you may not like to think about it, it\u2019s important to factor things like medical costs into your financial planning.
\nIn the longer term, you may also need to pay for residential care for yourself, your partner or your parents.<\/p>\n
\nThe amount you have in savings may influence what you\u2019ll need from your pension. Is this enough to live on?
\nIf you own a home, you may have decided that you\u2019ll sell your home and move somewhere that better suits your lifestyle needs. You\u2019ll also need to think about how you would pay for a new property, and factor in any repair costs to a new or existing home.<\/p>\n
\nThe way you choose to take your pension can impact things like your tax position or pension allowances. If you choose to move provider, you may lose any guarantees that you may have with your existing pension provider. You should also think about the impact of taking any tax-free cash, income or lump sums may have on any means-tested benefits you currently receive.<\/p>\n
\nThe effects of inflation may reduce the buying power of your savings and investments in the future, so think about how you\u2019ll maintain your lifestyle if your money doesn\u2019t stretch as far.<\/p>\n","protected":false},"excerpt":{"rendered":"