It can be difficult to know where to start when it comes to retirement, but many will have big dreams and big plans. To help get Brits on the right track, Express.co.uk spoke to Suzanne Williams, Certified Financial Planner at Old Mill.
She offered him her best advice for preparing for retirement.
Ms Williams stressed that the more a person is prepared for retirement, the easier it will be – both financially and emotionally.
Firstly, Ms Williams said, it is essential to think about when a person wants to retire – especially since there is no set age for doing so.
However, what is important is that individuals are in a secure financial position and can finance their lifestyle for the rest of their time.
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Costs that are no longer applicable in retirement such as commuting, pension contributions and mortgage repayments can be waived.
Ms Williams added: ‘Don’t forget to add an emergency kitty to help with those unforeseen costs.
“It could be home repairs or broken appliances, for example.”
The British will also have to clarify their financial situation, in order to ensure that they are best placed for their retirement.
Ms Williams explained: ‘List your pensions, savings and investments in a spreadsheet or on a piece of paper.
“It can be easy to see the income some of them will bring you – some company pension plans will give you guaranteed income, or you can get rental income through the purchase of property for example.
“Most people will also receive a government pension, currently when they reach the age of 66, although this will increase to 67 in the next few years.
“The new state full pension is currently £185.15 a week, or £9,627 a year, or potentially over £19,000 for a couple.”
Finally, Ms Williams stressed that people should never be afraid to ask for help if they need it to secure their financial future.
In some cases, this may involve consulting a financial planner, as these experts can often offer personalized advice based on personal circumstances.
Others may wish to use the government service Pension Wise or organizations such as Citizens Advice or Money Helper.