1. Be realistic about your retirement aspirations
The research indicates that more than half of retirees (53%) have been unable to realise at least one of their hopes and aspirations since retiring.
Â
Retirement can offer many choices. Decide what kind of retirement you want and be honest with yourself about how much it will cost.
2. Review your long-term working plans
HSBC findings suggest that almost half (47%) of working-age people plan to semi-retire before fully retiring.
Consider at what age you can realistically afford to fully retire, and if you expect to semi-retire or keep working for longer.
3. Consider your wider financial commitments
There is evidence that almost three fifths (57%) of working-age people and half of retirees (50%) provide regular financial support to at least one other person.
Providing financial support for family members – your partner or spouse, your children, your ageing parents – may be a reality through your working life and into your retirement. Consider your own and your family’s long-term financial needs, and make sure to include both in your retirement planning.
4. Have a clear retirement plan
According to the HSBC findings, more than half (54%) of working-age people who have received, or expect to receive, an inheritance believe it will fully or partly fund their retirement. However, only a third (33%) of all working-age people have received an inheritance.
Consider how you will fund your retirement and don’t bank on receiving an inheritance. Make sure you have a realistic financial plan in place and seek professional financial advice if you need help.
Sources: www.hsbc.co.uk (Article: 2015/04/29)
