After a lifetime of hard work, planning your retirement should be a pleasurable activity giving you the ability to sit down and work out exactly where you will be and what you will be doing throughout your years without a Salary. Here are 4 things you need to take in hand as retirement approaches:
Tracking down pensions
For most it is un-likely you spent all your working life with the same employer, so tracking down any old pension pots is a must for assuring maximum income throughout your retirement. You can utilise the government’s pension tracing service to track down any old work-related pensions and it’s a good idea to get up-to-date valuations at the same time. You might also want to consider transferring all your pensions to one provider for greater ease.
If you hold any investments, you should keep on top of tracking their performance as your retirement age draws closer. You might want to consider transferring risky investments into safer stocks and shares in order to ensure your investment values remain at peak levels.
Calculate your income
Use pensions calculators to work out your potential income through retirement and if it looks like your pension income will fall short, you could consider bumping up your contributions as this can have a huge impact on the final pension due.
How much home equity do you have?
Work out the value of the equity held in your home and consider all available options for enhancing the cash sum you have during your retirement. You could look into equity release schemes, by releasing equity in your home which allow you to remain in your home. Alternatively, you might want to consider downsizing to a smaller property, offering greater convenience and options for a better lifestyle. Taking advantage of the equity built up in your property can be a rewarding decision for anybody who is approaching or has reached retirement age.
Monte Carlo Parks have residential park homes on parks across the country situated in beautiful and scenic locations, providing everything needed for the dream lifestyle needed by retirees. Our fully furnished residential park homes can be custom designed to suit requirements.