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   expenses. When you are working, it is wise to put aside three to six months' worth of critical expenses in easily accessible deposit-based accounts. You may want to consider whether you need a larger cash reserve in retirement.
Your retirement lifestyle
You may discover that not working really saves you money. However, if your retirement income is lower than your employment income, you might have less disposable income.
So, after you have taken care of the necessities, how much money will you need to enjoy your retirement?
This is the most enjoyable aspect of retirement preparation. Whether you want to travel more, make a large purchase, or a series of smaller ones, knowing how much money you will need and when is essential.
Check to see whether your retirement lifestyle will be more expensive than your working lifestyle. And,
significantly, whether you will have enough money left over after paying all your expenditure.
It might be beneficial to create a schedule of what you want to accomplish and when you want to do it by, for items such as luxury trips. However, do not overlook lower-cost hobbies such as eating out more frequently, day excursions, recreational activity memberships, and so on.
Will you be financially better or worse off?
That is the crucial question. And one that is difficult to answer since there is so
much to consider. Budgeting is a suitable place to start when it comes to retirement planning, but it is only the beginning. You will also need to consider: your pension options when you retire; tax efficiency and making the best use of your tax allowances (both before and after retirement); how you plan to pay for long-term care; and how you plan to pass on your wealth to your next generation.
Financial advice can assist you with budgeting, the planning of your expenses, and understanding your retirement options.
Obtaining guidance a few years before retiring is a smart idea. It might allow you time to alter your plan, if necessary, and retire on your terms.
References: www.thinkmoney.co.uk/blog/uk-cities- paying-more-for-their-coffee
Whether you want to travel more, make a large
purchase, or a series of smaller ones, knowing how much money you will need and when is essential.
    Whatever stage in life, good advice is invaluable. We’d like to hear from you - contact Robin Jackson, left, or Matthew Boardman, right
18 Langton Place, Bury St Edmunds, Suffolk, IP33 1NE
T: 01284 701271 W: churchgates.co.uk E: info@churchgates.co.uk
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