Do you have a retirement plan?

What is your retirement plan? In fact do you even have one? And when I say a retirement plan I mean one in writing with clear goals, in fact SMART goals. In other words ones that are specific, measurable, achievable, realistic and time scheduled.

Whether you run your own business or you work for someone else do you have a retirement plan? If not, and you are within 10 years of retirement, you’d better prepare a plan, and pretty quickly, otherwise you may find you cannot afford to retire when you reach your desired retirement age. The very last thing you want to do is join that growing line of retired people stacking shelves or serving behind tills in supermarkets and DIY stores.

Research by Aviva a few years ago showed that the vast majority of people do not start to seriously think about retirement until they reach an average age of 48-52! In my opinion that’s way too late. You should seriously start planning for retirement as soon as you start working.

In my opinion auto enrolment alone will not give you a very high standard of living in retirement. In fact for the average person it will only give a modest income. Is that what you want? Is that what you deserve after a long working life? Of course it isn’t. So why not do something about it? And the earlier you start the better.

The good news is you can plan your retirement with a specialist known as a financial planner, preferably a Certified and/or a Chartered Financial Planner.

- Tony Byrne, Wealth and Tax Management

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