The conversations we have with clients about their retirement inevitably start with ‘can we afford to…?’ Usually, the answer is (with a few ‘it all depends’) ‘yes’, and we can show you that you won’t run out of money unless you go on 3 or 4 cruises a year; but that is just the money, and there’s a lot more to it than that. If going to work or running your business has been your main purpose, or at least the dominant activity in your life, you really do need to think, not just, ‘what am I going to do all day’, but what am I going to do all day that makes it worthwhile. And, believe me, that really can be an unexpected consequence and problem for many. The answer may be, if you have the option, to take a long holiday and think about it first. And/or to make sure you really do know and have planned what will come next.
“Pension pot needed for basic retirement RISES 60% to nearly £110,000”
We’re often asked ‘how much do I need in my pension to be able to retire?” We have, as you might expect, to give a politician’s answer: ‘Well, that all depends’.