Source of income is one of the biggest changes people go through in retirement and it is important to have a plan in place before you retire. This tool will help you identify where your money comes from now in order to consider how it will change in your retirement.
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Tools
How much might your retirement cost?
Retirement can last a long time, so you’ll need to consider this when working out a budget. Creating a budget can help to estimate how much income you might need in your retirement.
What kind of retirement lifestyle do you want?
Making the transition into retirement for many people can be daunting. Work has taken up a significant portion of your life, so filling that gap is something to give considerable thought to.
Where will your retirement money come from?
The money you have in retirement may come from a number of different places, so it’s important you have information about the amount you will receive from each source.
Your retirement action plan
It is important to be clear about your choices, identify the risks involved and also understand the tax you may have to pay.