As you are likely already aware, a good deal of foresight is the best way to be sure that you are prepared for your upcoming retirement. Still, this can be a rather daunting transition in terms of life changes. There are a few things that you need to be made aware of as well as how the process itself will take place. Let’s have a closer look at what you should consider and what to expect.
The reality of Everyday Living
A recent article highlighted the fact that up to 100,000 Britons are expected to retire directly into poverty this year. Why is this the case? Well, it is certainly a lack of preparation as well as the retirement package itself not being sufficient to cover everyday expenses. This is one of the main reasons why it is critical that you tally up all bills, living expenses, tax obligations and other concerns to make certain that you do not fall within this category
The Process Itself
At approximately six months before the date of your retirement, you will normally receive a “reminder” letter informing you that you are soon to be leaving your job. Between two and three weeks before your retirement date, you will receive a concrete quote in regards to how much your pension will provide. This is a critical time, for you must be sure that the firm is offering you a fair deal. Should you doubt that this is the case, take a look at what other companies are willing to provide.
Being prepared ahead of time is key to enjoy your retirement. If you still find that you are coming up short, other options such as equity release schemes may very well be viable possibilities. Please contact us to learn more.