With the help of Slater Financial I can relax safe in the knowledge that my savings are working hard for me.

Julie Carter

Budgeting for Retirement

April 25, 2016

Your retirement years should be all about relaxation and leisure, but without the right plan in place you may find that the funds you put aside may not last as long as you hoped. As well as taking advantage of the best personal pension provisions available to you, budgeting for retirement is an integral part of the puzzle. How well you budget could also dictate when you can afford to retire.

At Slater Financial, we actively provide impartial and professional pension advice to individuals close to or thinking about retirement. In addition to advising about pension reviews and fund switching, our specialists work with clients one-on-one to make suitable and cost effective arrangements for the years ahead.

The cost of retirement

With people living and retiring for longer the cost of retirement has increased significantly in recent years meaning any income saved needs to last. How much income is needed varies from person to person, however, it is likely that you will need less money than when you were in employment. Whilst no work expenses will be required, you may find that you spend more on leisure and at home.

Devising your budget

Lowering living costs when you are in employment will help you budget for retirement as efficiently as possible. Start by making a list of the items that you will need to pay for during retirement, for example, accommodation, food and household bills, and be prepared to alter your spending habits accordingly. Aim to clear any debts you have before retirement and be sure to consider the costs that may be incurred later in retirement such as help at home fees and residential care costs.

Fine-tune your pension provisions

Alongside your retirement budget, reviewing your existing personal pension product or starting a pension is essential. Call our Buxton pensions team today for a free 90-minute consultation and discover the retirement options you need to make an informed choice.

*This article does not constitute financial advice. Slater financial strongly advises you to seek professional advice before making any financial decisions.*