What to Remember in your Retirement Plan

retirement plan

Your retirement allows you to enjoy your twilight years, but it’s important to begin retirement planning as early as possible to ensure you make the most of it.

A Retirement Plan is key to ensuring you’re financially comfortable. During your retirement years, your main source of income is your pension, so you should consider how and when you’d like to draw it into your retirement planning. It doesn’t have to be as soon as you hit retirement age, and you can take it in one large instalment, rather than monthly, should you wish. 

You might also want to consider what will happen to you if your health fails and factor this into your retirement planning. You can earmark reserves for this purpose and detail your wishes in your retirement plan to relieve some of the financial and emotional burden for your family.  

Purchasing a funeral plan should also be included in your retirement planning. This enables you to plan and pay for your funeral in advance, giving you peace of mind that you get the send off you want at a price you can afford. It also removes your family’s emotional and financial burden and ensures you lock in the Funeral Director’s service at today’s prices.

Retirement planning also involves writing a Will to ensure that your final wishes regarding your assets are adhered to. Your Will is a legally binding document that specifies how your possessions should be shared amongst loved ones after your death. It removes any ambiguity of how this should be achieved, and prevents the responsibility lying with anyone else; after all, no one really knows how you want your money, home, and sentimental items that you’ve accrued over the years distributed but you. 

How you want to spend your retirement is down to you, and retirement planning will ensure you get the most out of this time. See how Capital Life can help you plan for your retirement by speaking to one of our advisors about our funeral plans and free Inheritance Planning review; contact us or call 0800 411 8683.

We can also assist you with Inheritance Planning, Probate and LPAs.