How much do you REALLY need to retire & stay retired?
How much do you REALLY need to retire & stay retired?
I once heard retirement described as 500 holidays: if you retire at 65 and live for 20 years, that’s 7,305 days to fill. Break this up into two-week holidays and you have to plan for about 500. Now wouldn’t that be great ….
Expectation vs Reality
Over in England only 13 % of Britons feel confident they will have the income they hope for in retirement. On average, they feel that a pot of £233,000 will be enough for their desired income of £26,000. But BlackRocks CoRI tool which converts retirement pots into income, indicates they need at least £525,000 for this income, even including the state pension.
The big number
How much you need to save depends on what type of holidays & how many you want. Have you dreamed of retirement being the time you finally travel the globe? Or do you want to take up a hobby closer to home and the family? There is no right or wrong answer – different things make different people happy. But if you want to live your dreams you need to be able to fund them.
The four main questions I come across are:
Am I going to be ok?
Is my family going to be ok?
What do I want to do with my life?
What legacy do I want to leave?
For most people, there are competing priorities, and therefore choices have to be made. The decisions made are very personal. The good news is most people have more choices than they realise. A simple process is all you need to help you get on the right path toward a successful retirement, which start with asking yourself –
How many holidays do I want, hobbies, plans etc..?
When’s the right time to retire?
How to plan & save for retirement properly?
Retiring at the wrong time could mean having to go back to work, or the classic Irish retirement of just working less. If we’re honest with ourselves the hardest thing about planning for retirement is taking the time to plan. So make a commitment to finally take that first step of seeing the finished plan.
Knowing how much you need to retire can be the first step to saving for the future.
If think about it every house you’ve seen built all started with sketching out that house plan. And once you sketch out your own plan, you’ll finally be able to finally understand what you need to retire comfortably. To finally walk away from your job and not have to worry that you’re making a big mistake. If your goal is to retire comfortably — then having a blueprint is critically important. It shows you that your plan is actually doable. A financial road map (blue print) will help you come up with a retirement plan that will work your you — because you’ll have gotten your true look at your financial situation. No more guessing.
Time to roll up those sleeves
I help create solutions which will give you the confidence you need to retire when you want and how you want. This is specifically focused on helping you retire successfully, so you won’t run out of income during retirement.
What does this mean for you? No more stressing out over when you’ll be able to retire.
No more worrying if you have the right portfolio based on what’s going on in the stock market.
No more wishing you picked the right number for the latest Lotto (instead, I’ll show you how to take your current financial situation and turn it into a clear retirement plan).
Are You Prepared For Financial Success?
28% of retirees face decisions that could see them outlive their pension pot in retirement, new research by the Pensions Policy Institute (PPI) has revealed. Consumer uncertainty about how long they expect to live in retirement posed a significant challenge to retirees trying to make their savings last throughout later life.
So what’s the action plan?
I’m a firm believer in the principle that the earlier we start saving the better. The power of compounding is not to be underestimated and even small amounts can add up over time. But, in reality, it’s not until we reach our forties, or even fifties, that most people have enough disposable income to start saving seriously. At this age, we’ve got used to accounting for mortgage payments, childcare costs are usually less of an issue, and we’re hitting our peak earnings.
It’s not too late if you haven’t started, but it is crunch time to sort out your finances so that you can live comfortably when you stop working and start having all those holidays. Watch my 2 minute youtube video ‘live and retire rich’, https://youtu.be/ctO7tTl2Ug0
So if you are in retirement, near retirement or planning for retirement please avail of our first complimentary offer, to see if we can add value to your life. This meeting is at our expense and there are no obligations on you (or us) to proceed any further.
Kevin established O’Neill Independent Financial Consultancy in 2005 in order to provide an independent, personalised service to clients. Married and bless with two sports mad boys, when not standing on a side line during his spare time Kevin is involved in fundraising work for local charities & trying to keeping fit.
Kevin O’Neill is a Qualified Financial Adviser and member of the Life Insurance Association of Ireland , Trusted Advisers Group and Professional Insurance Brokers Association. Kevin has over 20 years experience in financial planning, working with individual and executive clients.
Regulated by the Central Bank of Ireland and accountable to educational bodies for qualifications and continuous professional development (CPD).
As a Financial Broker, we must by law give you advice on a “fair analysis” basis of the market. This means that we will research a majority of companies in the market so that you get market-wide advice from one source. This allows us to offer you access to the product that best meets your needs. We scrutinise all products on the basis of price, reliability, performance etc.