Whatever stage of life you’re in, already retired, planning slightly ahead or nowhere near retirement, one truth remains, we want a happy and secure retirement. While many people coast towards retirement without giving too much thought to retirement planning, there can be many factors involved in ensuring you enjoy the type of retirement you want.
We can’t help you with all of them, but we can help with perhaps the most crucial one, financial security. Unfortunately you’ll have to decide which hobbies you love, what project you might start now you have more free time or whether you’re going to travel yourself. While all of these decisions will be unique to each of us, there are a lot of universal financial truths that can help to give you the freedom and resources to do the things you want, and we are specialists when it comes to helping you with these.
- Keeping your costs to a minimum
- Protecting your capital and reducing any risks
- Ensuring a consistent regular income
It can be tempting to hoard as much money as possible as retirement approaches. The security blanket offered by a healthy bank balance feels good, but rarely stretches as far as we think. When work stops the expenses don’t, and our savings can soon start dwindling at an alarming rate. The good news is that sensible financial planning now means you don’t have to stop receiving a regular income.
Be optimistic about your future
Whatever your retirement has in store, you should face it with optimism and excitement. Investing your money in the most efficient way will give you options to adapt to different circumstances. It will also provide additional peace of mind knowing your future is growing more secure every year. Don’t become the person looking back wishing they had started a decade ago.
Living without a huge financial burden doesn’t have to be a distant fantasy. Take steps now towards your goals. The earlier you start the more you can achieve. Being consistent and patient is crucial to fully benefit from financial planning, whether towards retirement or not.
Financial planning and life planning go hand in hand
While we are here to help with your financial planning for retirement, there are other areas you can plan for that will help to make the most of your retirement. These will be different for every person depending on his or her own specific wants and goals.
Look realistically at your situation
Looking realistically at your current financial situation, including all your income and expenses, allows you to calculate your net worth. This helps you to start setting short-term and long-term goals. Having a clear picture of where you stand will help to keep your efforts focused on the steps you need to take to achieve your goals.
Have your own financial plan
We will work hard to build a successful investment plan for you. This will help you on your journey towards financial freedom and help you to approximately establish what regular income you will receive, including your state pension. This allows you to start looking at the ways in which your money will be spent in retirement. How much you’ll need to cover your regular overheads, and ways you can potentially reduce these expenses. How much residual income you’ll need to do all the things you want to once you’re retired.
You can also incorporate a strategy to reduce your overheads as retirement approaches. While cost cutting can sometimes feel like punishment, it’s a necessary choice for some people to decide between the quick fix of spending their residual income, or the long-term benefits of savvy financial planning.
For most people the aim of this exercise is primarily to ensure they have enough to cover their expenses. This provides security. Then the next stage is to try to create as big a surplus as possible for you to spend on the things you enjoy. You can use this plan as a guide to keep you on track in the early days of retirement.
Retirement planning provides options
There are several options for people at all stages of retirement planning. From investments that protect your capital while generating a return, to long-term regular contribution plans that start making your money work for you. Whether you’re considering a more normal pension plan or investments traditionally unrelated to retirement, our financial planning expertise can help you.
Add a personal touch to retirement planning
To fully utilise your retirement planning you need to have a clear and realistic picture of what you can achieve. Our approach to your retirement is built around two main factors. Removing your financial stress and anxiety, and understanding how you want to spend your retirement.
Planning your retirement is a long-term commitment for most people. This commitment combined with our friendly team means many clients end up more like friends than clients.
We sit down with you and pay close attention to what you have to say. This allows us to tailor our advice more specifically to your goals. Successful retirement planning shouldn’t be a chore, but something that makes you look forward to your retirement with excitement and optimism.
Why choose Mason Wealth Management?
We have over 30 years experience serving our customers. We have consistently and successfully provided retirement planning for people from all walks of life, with varying levels of money, to invest towards retirement. All have different ideas about their needs after retirement. This means we’ve accumulated a wealth of practical experience that can be put to good use by helping you to get the most from your retirement planning.
All that’s left is for you to get started. Retirement planning can be a dry subject, but the peace of mind it provides can lift a tremendous weight from your shoulders, and improve your overall sense of wellbeing.
If you would like to discuss your options further you can get in touch with us by calling 01-9695786 or sending an e-mail to [email protected]. Alternatively you can pop into our office at 73 Lower Lesson St in Dublin. We’re a friendly bunch and always happy to help.