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5 Retirement Rules You Should Be Living By in 2020 and Beyond

There are several ways you can ensure you have a financially stable retirement. Most plan to prepare with a mix of pension, investments, savings, and state support. Of course, the sooner you start, the better off you’ll be, so here are some retirement rules you should be following this year, and every year until retirement.


This does not constitute advice and advice should be sought in all instances before acting on it.


1. Make a plan

Failing to plan is planning to fail. Making a plan is the first step you need to take in your retirement planning journey. Sit down and figure out how much money you’ll need to live comfortably once you start working and build from there.

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Once you know how much you’ll need to save you’ll need to work out the right investment and savings plan. A solid plan will consider your retirement goals, appetite for risk, time frame, inflation, diversification, and affordability.


2. Know your options

Start with your state benefits. Work out what your pension distribution will be first and foremost and then decide how to bridge the gap between that sum and how much you’ve already worked out you’ll need to live. On top of the state pension, add in any workplace or private pensions you have before deciding the savings and investment avenues you’ll take.

How aggressively you’ll need to save depends when in life you begin to save. Be sure you’re working with a financial adviser who can help maximise your nest egg with a tailored plan.

Your personal portfolio mix should be tailored to your financial habits so you can get the most out of your prime saving years. Your options can range from savings accounts and shares to a wide range of investments.


3. Review your portfolio

Trust in the asset allocation plan you’ve put in place, but still periodically review your strategy and make any changes you need to stay on track.

When you start saving, your portfolio might consist of risker investments with higher rates of return — a pension plan may start out as heavy on equities, while bonds and ‘other’, including real estate or commodities bring up the rear.

As you near retirement age, your plan will favour less volatile investments and the allocations may switch to majority bonds, while decreasing equities and cash. Understand your current risk appetite before making a change to your investments.


4. Use your allowances

Ensure you’re making full use of your annual tax relief allowances and don’t forget to take into account the new rules for the tapered annual allowance. Utilise your full ISA allowance each year and check that you’re taking advantage of any and all tax breaks you might have coming your way.

Don’t forget to build a solid wealth protection and preservation plan as well.


5. Keep your mind and body in top shape

Making sure you have money to enjoy retirement is only half the battle. You need to take care of yourself too so you can fully benefit from your free time later on. Seek out ways that nurture your physical and mental health.

Planning what will keep you busy during retirement is the fun part, but make sure you incorporate things that will help keep your mind and body active.

You can never be too prepared for retirement. So get in touch with one of our experts to get started today.


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Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.
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