Retirement planning

The process of establishing a retirement income goal and gathering information about your potential sources of retirement income is known as retirement planning. This information is used to help determine if your projected retirement cash flow is adequate to fund your future needs.

It is never too early to plan for your retirement since adequate provision in later years is fundamental to achieving a similar standard of living to that previously enjoyed.

Currently, people are living much longer than their forebears and accordingly you may have as many as twenty to thirty years in retirement.

To ensure adequate income for life requires careful planning:

  • Supplementing your pension with other sources of income, such as investments,
    savings and property are complex decisions and require expert tax and financial advice
  • If you own your business it is important to plan your exit strategy well in advance to
    afford you the best tax position and still have flexible options. You may wish to pass the business on to family or sell outright to maximise your future income
  • As you will wish to maintain a good standard of living throughout your retirement the
    provision of life assurance, long term care and medical insurance will be important considerations

Key areas to successful retirement planning are:

  • Early planning is vital – some options may take several years to be put in place
  • Keep a balance and flexibility in your investments such as pensions, savings and insurance
  • Planning for Retirement is a very complex and changing area you will need skilled professional advice at every stage to ensure peace of mind

Prestons can offer you the necessary advice and support to implement a comprehensive retirement strategy.


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