Did you know that in the UK, the majority of the public do not have a solid retirement plan? According to a survey conducted by Franklin Templeton Investments, approximately 70% of savers in the UK do have an idea on how retirement should be, but haven’t formalized plans or written arrangements for it to happen. A more disturbing fact from the study was that around 48% of those surveyed did acknowledge the importance of seeking financial advice when it comes to retirement, but still failed to seek out professional services.
Regardless of the location, the lack of urgency when planning for the future – specifically retirement – can prove to be a fatal decision for most savers anywhere in the world. With no coverage to seek in case something dire happens, individuals may have no choice but to pay for expenses out-of-their own pockets, which can be more than what one can usually save up.
Avoid the pitfalls of potential financial ruin that improper retirement planning does to people. Here are a few tips on how you can take the necessary steps to a safer and secured future:
Start Early
When is the best time to plan for your future? Today! Planning for retirement may perhaps be a massive, stressful, frustrating, and complicated task for some, but doing (and hopefully, achieving) the important grunt work will not only give more precious time for an individual – it’ll also grant the peace of mind and potential savings that one can get from a clearer and secured future.
It all begins with a decision for you to visualize on how you want your ideal retirement years to be. The next step would be seeking advice and guidance from those nearest you. If you have children, make sure that they know of your ideas and intentions when it comes on how to plan for retirement. The important thing here is that you need to start as early as possible to plan for retirement, and by letting other people in the loop, will allow you to motivate and push you to get the paperwork and other preparations to be completed.
Seek Professional Help
After the idea comes the actual implementation of a retirement plan. As pointed out in the study mentioned above, the need to have professional help to finalize retirement plans is highly stressed. Seek out the services of a financial advisor, to help you flesh out a plan that will best fit your circumstances. Financial planners, after you giving them an idea on how your ideal retirement should be, will be able to give you an idea on how much funds (and as well guidelines to save and possibly earn income) you would need to accomplish your dreams.
Additionally, make sure to check other facilities and legal documentations needed during your twilight years. An important issue to tackle would be liability or asset protection and management of any investments. Ask your financial advisor on how you can secure any of your assets and investments during retirement – you would want these to be safe, in case you would need to have access to additional funds in case something happens. Also, make sure that legal documents and forms are properly prepared. Bank documents, living wills, and power of attorneys are some forms that you would want to make sure are in order. Getting this done right at the first time will not only save you the trouble from having to constantly update and complete it in the near future – you’ll also avoid being a burden to your family or loved ones, of them having to do these forms for you.
Another subject to take into consideration is scouting out care facilities, regardless if you plan to stay in the comfort of your home or over at nursing homes. It would be best to check any and all possible options, just so you wouldn’t be rattled when the time comes that you need care and assistance.
Professional help will help you do what is needed to fulfill any requirements for your retirement plans. You are essentially making a safety net for your future, and what better way to know that everything is in order than having a professional guide you through the process, right?
Long Term Care is a Must
Speaking of care and assistance, the best retirement plans are those that also include long term care. A long term care insurance (LTCI) will help you get the proper assistance and care when you need it, without having to resort to burning a hole in your pocket. And just like in the point “Start Early” mentioned above, applying and paying for LTCI premiums at an earlier age is practical – premiums for this type of insurance scale to a policy holder’s age. So the earlier you start paying, the fewer expenses you need to think about for coverage.
Don’t wait until it’s too late – start planning for your future today. Please visit this page for more retirement planning tips.