For the most part the current retirement age is now 67 to 68. It was as low as 65 for men and 60 for women, now 62. As we live longer the age that we retire at has begun to rise in line with a modern society’s economy and demographic. We are an aging population and this trend appears to be continuing. In theory you can retire at any age if you have the financial support to do so. The Government is unconcerned about your retirement. They will start the state one at the state set age and not before. Therefore if you are planning to do so it would be wise to have a word with a pension planner so that you can have something in place.
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Where will you live? At least the answer here is easy. There are plenty of options but one that is very popular is a place like Park Homes For Sale where you will find a like minded and open community.
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It is a sad fact that the 1 or even 2 storey home that you live in now may not be suitable going forward into your retirement and you should look at the options available to you and plan ahead.
Budgeting now for income in retirement
With retirement ages rising, financial planning matters more than ever, and it is never too early or too late to start. Retiring at 60 is not a fixed rule, and many people choose to keep working for longer. Either way, a smooth and enjoyable retirement depends on having financial stability in place.
Start by working out a monthly budget. Add up your income and your regular expenses so you can see whether your money would be enough to live on once you stop working. Build in room for setbacks, so an unexpected cost does not knock your plans off course.
Retirement calculators can estimate your monthly income after you retire and compare it with the costs of the lifestyle you lead now. Several are available online for free. For a fuller picture, a qualified financial adviser can look at your circumstances in detail and help put a plan together that treats your savings as the long term asset they are.
Preparing for retirement before it arrives
It is never too early to plan for retirement. Start by thinking about how best to use your savings and pension, and find out how much state pension you can expect and when you will become eligible. Then consider the lifestyle you want and how much it will cost.
There are ways to boost the money available. Downsizing to a smaller property can free up funds, and a small part-time job can top up your income. It is also worth tracking down old pension pots from previous employers, as you may have money waiting there.
The emotional side needs planning too. Even people who have looked forward to retiring for years can find the change hard to adjust to. A routine helps keep the mind healthy, so plan how you will structure your days and make them fulfilling. A new hobby, or the time to take on and care for a pet, can give those first months real purpose.
