how to plan for retirement

Zero Desire to Retire



Posted on: 17th September 2020

In hanging up your hat on the 9-to-5 lifestyle you can face a few options. However, in hanging up that hat it does not mean you have to stop work completely, you just need to know how to plan for retirement now.

The ideas of staggered or flexible working are highly considered among today’s older generations, especially those with caring responsibilities or health concerns or those eyeing retirement planning Cheshire within the next couple of years.

How do you picture those twilight years dawning on you? Are your plans to swing the golf club, drink margaritas on the beach or are they to sit behind a desk working? Working beyond retirement is just as much a thought process as those relaxation plans for many retirees.

Staggered retirement is more commonplace nowadays and is a popular choice for those approaching or at retirement age. For many, the sudden impact of swapping weekly working for not working at all has been an unsettling transformation.

Fewer people in today’s hectic lifestyle decide against stopping work completely and choose to stagger their retirement and work part-time. In fact, 1 in 3 pensioners have left their pensions untouched. Nearly half of those pensioners who have not accessed their pension pot state it is due to still working.

With people experiencing longer life cycles and expected health care costs in later life stages, the benefits of having larger pension pots for later is high in consideration for those choosing to work for longer. In the interim they choose to source income from cash savings, partner income or state pension, as well as property investments.

Of course, staggered retirements offer many benefits, especially among financial and health. With good health being the chief financial asset a person can have, benefits from being physically active whilst working as well as interaction socially make huge differences to mental well-being.

By making alternative decisions about retirement to ensure they do not run dry financially, it’s important to make pension savings work past retirement age to enable growth generation above inflation for when retirement does take effect. Taking advice from independent financial advisors Manchester, people are finding the many avenues to navigate a successful transition into staggered retirement and financial security.

It is important to know how to plan for retirement and have a strategy in place no matter what the decision looks like for you, and the team at Haven IFA are ready to utilise their vast experience to give you the easiest ride no matter your direction towards retirement.