Retirement planning has always been hailed as a crucial process for investors, but many have thought it more suited to older investors or those fast-approaching retirement.

Well, we’re here to bust that myth and show you exactly why retirement planning at any age can be highly beneficial for your finances.

From seeking a retirement planning service to restructuring your finances, read our ultimate guide to retirement planning at any age…

Find out when you can retire

One of the first steps to take when you’re retirement planning is finding out when you can retire, and how far in the future this is.

If you’re investing in a personal pension, the earliest you can retire is usually 55, but check the terms of your account with your specific pension provider.

This can be essential to building the right approach for your finances. For example, if you’re fast approaching retirement, you may need to adjust your investments and risk levels to provide maximum growth for your savings.

Alternatively, if you’re far off from retirement, you have time to prepare and structure your plan for long-term investing and growth over many years.

Seek an expert retirement planning service

Another vital step to consider in your approach is to seek an expert retirement planning service.

This can provide you with expert advice from qualified professionals, who can help you build your wealth in the right way.

Their vast knowledge surrounding financial markets, tax rates, and pension rules can be highly beneficial for designing your plan.

They can also offer tailored advice for your unique financial situation, so you can build your wealth suitably for your future goals, whilst also aligning each step with what you can realistically achieve.

Optimise your investment accounts

Investing is a core aspect of retirement planning, so it’s important that each of your accounts are optimised for your retirement plan.

Speak with your adviser to determine which accounts might be best suited for maximising your savings. For example, you could explore several tax wrappers as a way of growing your wealth tax efficiently.

As of the 2023/2024 tax year, your pension can allow you to invest up to £60,000 a year tax-free, and your Individual Savings Accounts (ISAs) can provide up to £20,000 of tax-free savings.

Your adviser can also help you choose the right investment strategies that provide a suitable risk level according to your financial situation.

Prepare for the unexpected

It’s important to prepare for the unexpected when retirement planning – and this could come in many forms.

For one, many investors underestimate how long their retirement is likely to last and fail to build the right savings to support their entire retirement. We recommend preparing adequately for this and saving enough in your pension to fund a long retirement.

Several factors could impact your wealth as you carry out your plan. This can include changes in inflation, tax rates, or even adjustments to your personal life.

We recommend speaking regularly with your adviser so you can prepare effectively for these potentially unexpected impacts, and help build wealth resilience to navigate these changes.

By putting our expert guide into action, you can begin building the right retirement plan for your future goals, regardless of your age.

With the right approach and guidance from an expert service, you can have the best chance of being retirement ready when the time comes!

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Please note, the value of your investments can go down as well as up.