One of the most common questions we get as financial planners is, how do I prepare for retirement? Whether that's from a financial or psychological point of view, we've put together this comprehensive guide which breaks down planning for retirement into 7 easy steps.

Chris discusses the importance of setting out your retirement goals, including when you plan to retire, where you would like to retire and how you plan on easing your way into retirement. The video also covers calculating your retirement needs, such as how much income will you need per month in retirement to maintain your standard of living, as well as the importance of clearing your existing debts and creating a solid savings plan to make sure you stay on the right track with your financial plan.

Depending on how you choose to save for retirement, there's also the crucial factor of spreading your risk wherever possible. Avoid putting all of your eggs into one basket, and spread your risk across different asset classes such as property, cash and investments to make sure you have a well diversified retirement plan.

Give some thought to how you will receive income in retirement - would you like to receive a regular income in the same way you receive your salary, where you know exactly how much you will receive each month and when? Or would you prefer the flexibility that comes with income drawdown, where you can take whatever you income you like as and when you need it. Keeping this in mind can make it much easier to plan ahead for your retirement!

It's also important to remember the State Pension, which everyone seems to forget! Consider this alongside your other income sources in retirement, and this can help you reach your retirement goals.

CHAPTERS

00:00 - Set Your Goals: When, Where and How Will You Retire?
02:37 - Calculate Your Retirement Needs
04:28 - Clear Your Existing Debts
05:29 - Create A Savings Plan
07:47 - Spread Your Risk Wherever Possible
08:44 - Consider Your Retirement Income Sources
11:15 - How Will You Spend In Retirement?


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ABOUT WEALTH OF ADVICE

At Wealth of Advice, we believe in providing no nonsense, straightforward financial advice to those who need it. We specialise in retirement planning, and this is the main focus of our YouTube content. The primary goal behind our YouTube channel is to provide information to those who are just dipping their toes in the water of financial planning, and to make people aware of just how important a good financial plan can be for a beneficial retirement.

If you would like to get in touch with us about your finances, feel free to give us a call on 0191 384 1008, or email us at enquiries@wealthofadvice.co.uk.

Wealth of Advice Ltd are authorised and regulated by the Financial Conduct Authority, reference number 563909. Past performance is no guide to future returns, and your investments can go down as well as up, so you could get back less than you originally invested. The content of this video is for educational purposes only, and is not personal advice.