Thirty years old, buying a home, bringing up a family and forging ahead with a career? Retirement seems like a million years away especially when there are so many other demands financially on resources. Yet making some plans for retirement at an early stage can pay dividends in the future.
Retirement planning is not all about money, although this is very important. When thinking about retirement it is often useful to prepare a spreadsheet which should detail what you would want to be able to do in retirement and how much of an income you might require to make sure that happens.
In addition, it is essential to put your personal affairs in order by having Wills and Powers of Attorney drawn up, assessing how much support you may require in time, considering how much money you may want to pass on to your next of kin, and thinking about where you may want to live and what sort of property you might need to meet your requirements.
Retirement always seems so far away when you are young, money is all accounted for and life is hectic but if you want to be doing all the things you want when you retire, it is never to early to start planning…..
For further information about the importance of making a Will and granting a Power of Attorney, please contact one of our Private Client Solicitors who will be pleased to offer advice and guidance to help you plan for your future.
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