Whatever you want to do when you retire, the better prepared you are, the more rewarding it will be. It\u2019s important to assess the key aspects that will influence your retirement, as the decisions you make can have a real impact on your savings.\u00a0There are some important considerations to think about. Capital requirements<\/strong> Income requirements<\/strong> Attitude to risk<\/strong> You also need to ask yourself some of the following questions:<\/strong><\/p>\n What is my life expectancy, and how much money will I need to achieve my retirement plans? Key aspects that influence retirement decisions Whatever you want to do when you retire, the better prepared you are, the more rewarding it will be. It\u2019s important to assess the key aspects that will influence your retirement, as the decisions you make can have a real impact on your savings.\u00a0There are some important considerations to … Continue reading “Should I stay or should I go now?”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-2453","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/posts\/2453","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/comments?post=2453"}],"version-history":[{"count":0,"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/posts\/2453\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/media?parent=2453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/categories?post=2453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/tags?post=2453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nTiming<\/strong>
\nDrawing savings too early is likely to result in lower returns and\/or\u00a0lower lifetime income
\nDrawing savings later may not result in higher returns \u2013 this depends on how you invest and use your savings<\/p>\n
\nMany people withdraw capital from their pension savings not because they \u2018need\u2019 it but because they can, and they end up just retaining it in a less tax-efficient environment
\nMeeting income needs from capital could be extremely efficient \u2013 it may even be necessary<\/p>\n
\nThere are choices to make\u00a0between generating income now versus providing for your future
\nYou may also continue earning some income during retirement through paid work, business ventures or even lucrative hobbies
\nYour income needs are likely to vary over time, and some expenses are fixed while others are variable. Most critically, long-term care can prove expensive
\nYour income preferences are also key \u2013 having a known stable income source may be preferable to having a higher but less stable income
\nGenerating surplus income is inefficient from a tax perspective<\/p>\n
\nThis is the trade-off between relative safety (which you may choose out of concern) and taking risk (which you may choose with an aim of achieving growth). Your attitude may also change as you accumulate wealth (because you have more to lose) and as you get older (because you have less time to recover if your investments fall in value). But risk is never completely eroded \u2013 even with cash or an annuity.<\/p>\n
\nHow could my income and capital needs change in the future?
\nDo I have an effective plan to leave a financial legacy?
\nHow much money would my spouse\/partner need if I die before them?
\nHow might I protect against the effect of inflation?<\/p>\n","protected":false},"excerpt":{"rendered":"