Growing older in the 21st Century has seen a vast number of options opening up for pensioners. Whether you’re planning to rest up, sail a yacht or even climb a mountain – they say that 60 is now the new 40 – the world is your oyster. Some people choose to carry on working after retirement age, simply because they enjoy what they do. Whatever situation you’re in, sensible retirement planning is all about creating a vision for your future which is right for you. We’ve looked at what some of our best-known celebrities have to say on the subject.
I don’t really want to retire. I intend to go on working as long as I can because I still have a huge amount of energy.
Dame Judi Dench
Feel like Dame Judi? Perhaps you are fortunate enough to love what you do and have no intention of stopping work? If you enjoy your career, recent pension freedoms have allowed access to funds from the age of 55, so you could continue working for as long as you want, using some of the cash from your pension scheme simply to enhance your life. On a more serious note, none of us knows what the future holds. Make sure you have enough funds by creating a sound financial buffer, so if you do have to stop working for health or personal reasons, you are still able to enjoy your future.
We are going as fast as we can as soon as we can. We’re in a race against time, until we run out of money.
Jack hits the nail on the head – this tends to be the case for most people. It’s up to you to step out of the ‘race’ and put some money aside for your future, so you don’t run out of money when you should be enjoying your hard-earned savings at a later stage of life. This could involve consolidating your pensions or seeking advice on what to do with a lump sum to make sure it stays tax-free.
Save your money. You’re going to need twice as much money in your old age as you think.
Sir Michael Caine
British screen legend, Michael Caine, has had a celebrated acting career, and you would think that he shouldn’t need to worry about money. However, his advice is spot on. Having an effective savings strategy is the key to a successful retirement. Do you have money saved in different accounts or ISAs? Are you making the most of your savings in terms of interest rates and tax liabilities? Speak to one of our financial planners if you’re unsure about your current savings strategy.
You write your life story by the choices you make.
Dame Helen Mirren
Dame Helen is absolutely right. We all have the chance to paint a picture of how we would like our futures to be. And it starts with the choices you make. Make sure you have enough funds available when you retire, that your estate is protected in terms of wills and possibly trusts, and that you have up-to-date insurance policies to protect you and your family should the worst happen. Choose a secure future for you, your partner and your family by optimising your wealth and protecting your assets.
Everyone is different; therefore, every retirement plan should be tailored to your individual lifestyle. Retirement plans should reflect your goals and aspirations. With careful, thoughtful planning you will be able to do all the things you hope to achieve once you retire, whether it’s taking that cruise, writing that novel or learning Swahili.
To find out more, please read our guide to Retirement or get in touch and speak to one of our financial planners, who will be more than happy to help with your retirement planning.