The UK’s current cost of living increase means that more of us are planning ahead for retirement by working out what we’ll need to live comfortably after we finish work.
Single people unfortunately have to shoulder more of life’s costs alone, such as council tax and household bills. It’s therefore sensible to plan retirement accordingly if you’re relying on yourself to foot the bill.
Day-to-Day Saving
Think about reducing day-to-day spending and put the extra away in savings instead. Little by little, this can add up to a decent pot for later life, according to Money Week.
Calculate Retirement Costs
By working out your approximate annual spending, you can anticipate how much you’ll need in retirement and plan accordingly.
Get Prepared
The best time to start savings or investment accounts is right now. Putting some money away in stocks and shares ISA can be worth much more come retirement age.
While you’re getting organised, give some thought to arranging a Lasting Power of Attorney. This document allows you to nominate a trusted friend to make decisions for you should you lose capacity. You can easily arrange an LPA online thanks to specialists offering //powerofattorneyonline.
Assess Your Current Situation
Take a little time to investigate all of your current finances, including pensions you may have forgotten about and infrequently accessed savings. Note down any debts which need to be paid off, and consolidate pensions into one if that will be more cost-effective in the long run.