retire in 2024

Looking to Retire in 2024



Posted on: 10th March 2024

Like thousands of others throughout the UK, you may be looking at finally retire in 2024. After a long road of retirement planning Cheshire, it is a life event that you may be approaching with a nervous energy.

Make no mistake about it – it is a drastic change to your lifestyle, and one that takes a few steps in preparation to be able to step away from your work and enjoy the next chapter of your life. If you hope to retire in 2024, here are some practical steps to make it happen.

Think About Your Ideal Lifestyle

With retirement on the horizon, it should be time to map out what you are looking forward to most and the lifestyle you want to enjoy.

Your one-off experiences are a small part of the picture compared to day-to-day living. Are you looking at joining some new clubs or spending time crafting your garden? Maybe your retirement is focused on grandchildren care whilst your children work hard on their careers – whatever the daily activities are have to add purpose to your life and make you enjoy your new retirement life far more.

Setting out your desired lifestyle will help influence the income you need from your pension and other assets.

Phased Retirement

A phased approach to your retirement goal has become very popular in the 2020s. Around 62% of British employees believe a phased retirement is key to improving a work-life balance.

It is an effective way of easing into your retirement plan, especially if you still enjoy aspects of your work but strive for better balance. As an option to consider, you would be earning an income and may even still contribute to your pension, helping your savings go further. There is more than one way to phase into your retirement, and it is worth speaking with your employer about the options.

You could choose to reduce your working hours, take a less demanding position in the business, or work purely in a consulting capacity whilst you ease into your retirement plans.

Calculate a Budget

Once the outlook of your retirement is established, you will have a clearer vision of what your expenses will be. That will help to create a realistic budget for your retirement that will showcase how your assets will be used to create an income.

You will need to factor in daily costs and larger, one-off expenses such as buying a new car or helping grandchildren to get onto the property ladder. Breaking down your budget into separate categories will be useful in enabling adjustments, to which independent financial advisers Cheshire can help to keep things on track.

Contact the team at Haven IFA today for all aid in retirement planning Cheshire and pension advice Manchester and let us help you achieve your ideal retirement for 2024.