Planning your retirement.This checklist is designed to help managers planning for their own retirement. Good planning needs to start early in order to enjoy many years of active and fruitful fruit·ful adj. 1. a. Producing fruit. b. Conducive to productivity; causing to bear in abundance: fruitful soil. 2. life beyond the retirement date. Taking personal responsibility for your retirement is becoming increasingly essential. Definition Retirement may mean the end of paid full-time employment, but with increased longevity longevity (lŏnjĕv`ĭtē), term denoting the length or duration of the life of an animal or plant, often used to indicate an unusually long life. and better health many more people can now look forward to 20 years or more in retirement. This is a large slice of life which needs to be planned for so that it may be both comfortable and enjoyable. Planning, particularly financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against , needs to be long-term. Advantages of planning your retirement Planning your retirement can: * remove anxiety about your money, about what you can do and whether you can cope * enable you to look forward with confidence to a new phase of your life * enable you to develop yourself in ways you have not had the opportunity to do before. Disadvantages of failing to plan your retirement Failure to plan for retirement may result in: * anxiety about your finances * anxiety about a loss of identity when you give up work * missing a secure daily routine and finding it hard to change * worrying about what you will do with your spare time * missing the personal contacts work has provided. Action checklist 1. Adopt a positive attitude Growing older happens to everyone and is something to be accepted. It allows a fresh start to a new way of life, and so is to be welcomed rather than feared. However it helps to be aware beforehand and to make sensible plans. 2. Plan your finances One of the commonest fears about retirement is whether there will be enough money to enjoy it. You will want to aim to maintain the standard of living in retirement that you have had during your working life. Take advantage of any pre-retirement counselling or courses offered. You need to know your likely retirement income. Find out: * how much your company pension will be. You should receive regular statements on this. If you have changed employers you should make sure you also have statements on any earlier entitlements you may have. It is likely that you may have the option of taking part of the pension as a lump sum Lump sum A large one-time payment of money. . This is generally regarded as a valuable option, particularly if you have a partner. But if your scheme provides total or substantial inflation protection you should think hard about sacrificing it for a lump sum. You need also to look at your health and your family record of longevity though you are statistically likely to live 3-5 years longer than your parents. If you are reinvesting the sum, will the yield from the investment and the protection of your capital be as good as the pension given up? * how much your state retirement pension is likely to be, including, if applicable, additional pension (SERPS SERPS State Earnings Related Pension Scheme ) and graduated pension graduated pension n → pensión f escalonada graduated pension n → retraite calculée en fonction des derniers salaires . * what your Additional Voluntary Contributions (AVCs) are likely to amount to and how this sum may be invested. Ideally you should start, or have started, to contribute to these in your mid- or late forties. Generally AVCs have to be used to purchase an annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. . Most schemes will offer you an annuity scheme, but if you are single, for example, this may not be the most advantageous available. Shop around. If you start your planning early, say 10 years before retirement, you may be able to improve your position, and you should make sure you are aware of what is possible with AVCs. If you have a partner then look at the position jointly. It is important to keep up-to-date with changes, particularly in taxation. It may, for example, be advantageous for the partner with the lower income to hold a larger slice of the investments. Your financial planning must take taxation into account and you should ensure you have at least an elementary knowledge of allowances, the tax bands and the position of your partner. Unless you are an expert it is helpful to have a financial adviser. The authority to offer financial advice is strictly controlled. To cover all your needs it is probably best to seek an independent financial adviser who is not tied to the products of a particular investment house. 3. Make a Will If you have already made a Will, then retirement is a good time to check it and make sure it is still appropriate. If you have not already made a Will, retirement is a good time to do so. When you make a Will you are thinking of others, not just who gets what but saving in worry and anguish; dying intestte can make things difficult for your heirs. You can obtain a form with simple instructions from a stationers, but there are pitfalls and it is better to get a Solicitor to draw it up for you. If you want to pass on substantial sums to your children, it may be best to pass some over earlier to avoid death duties. Having made your Will, make sure your executors and partner (or close relatives) know where it is kept. 4. Cater for the even older generation With improved health and diet people live longer and at retirement you may find yourself with responsibility for, or the need to help, your parents or elderly relatives. They may need you to help move them into some form of sheltered housing sheltered housing shelter n → foyers mpl (pour personnes âgées ou handicapées) , help in managing their affairs or help them obtain benefits to which they are entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: . Again forethought fore·thought n. 1. Deliberation, consideration, or planning beforehand. 2. Preparation or thought for the future. See Synonyms at prudence. and planning can make a difference. Some useful addresses are given at the end of this checklist. 5. Plan where you are going to live You may dream of retiring to some beloved holiday spot, returning to the place where you grew up, moving nearer your children or looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. somewhere warm and retiring abroad. For some, these ideas may work out, but for many they may be a disaster. Go to the chosen place and see it at its worst; think about whom you will know there. While it could be lovely to start with, think how it will be as you get older. It may be better to stay put and in that case take a critical look at your home. Is it too big? People often think something smaller would be good for retirement but you will be there all the time. Is there room for your planned leisure activities? Do you need some kind of home office? Is it easy to run and to heat? Think about improvements or changes, safety (how old is your wiring?), managing your garden in 10 or 20 years' time (can you make it easier?), and transport (what will you need?). 6. Plan for your leisure and health You have spent around 2,000 hours a year at work and this may at first seem a daunting daunt tr.v. daunt·ed, daunt·ing, daunts To abate the courage of; discourage. See Synonyms at dismay. [Middle English daunten, from Old French danter, from Latin time to fill. You may want to think about some part-time work at least to start with, particularly if you are retiring early. There is an increasing demand for the skills of older people on a short-term or part-time basis. The most essential ingredient is to be flexible in your approach. Short-term or part-time earnings will affect your tax position and you should check this when accepting a job or assignment. They will not, however, affect your entitlement to your organisation or state pension. There is unlimited scope for those who wish to give their time to voluntary work. Most towns have a volunteer bureau or a Council for Voluntary Service which know of local needs. Check in your local telephone directory. Many national organisations would like help at local level and your management skills are likely to be welcomed. You probably have some hobby A hobby is a spare-time recreational pursuit. Origin of term A hobby-horse was a wooden or wickerwork toy made to be ridden just like the real hobby. From this came the expression "to ride one's hobby-horse", meaning "to follow a favourite pastime", and in turn, or pastime you have been planning to develop in retirement. If you have not, try to cultivate cul·ti·vate tr.v. cul·ti·vat·ed, cul·ti·vat·ing, cul·ti·vates 1. a. To improve and prepare (land), as by plowing or fertilizing, for raising crops; till. b. one, particularly one involving physical exercise. Walking or cycling are two obvious ones and both can be linked well with other hobbies It may never be fully completed or, depending on its its nature, it may be that it can never be completed. However, new and revised entries in the list are always welcome. This is a list of hobbies. such as photography, sketching or bird-watching. If you are already a golfer you will be looking forward to playing more mid-week. If you want to exercise your brain there are many opportunities for learning both through correspondence and residential courses. Many counties have residential training centres offering a wide variety of courses; get hold of a copy of their brochures. Make sure you have plenty of social contacts. Even if you have a partner, each of you should have your own social life if you are not to be in danger of boring one another. Have a health check on or before retirement. At best, this will reassure re·as·sure tr.v. re·as·sured, re·as·sur·ing, re·as·sures 1. To restore confidence to. 2. To assure again. 3. To reinsure. you; at worst, it will guide you as to what you should and shouldn't do. For a healthy, happy retirement a balance of activities seems to be best, but a reasonable amount of physical exercise is important. Pay attention to your diet. 7. Plan holidays Holidays are just as important in retirement as before. But now you can take them as you wish and have the advantage of off-peak prices, mid-week travel, short-notice departure, off-season discounts and longer-stay holidays. Check your home insurance to make sure you are covered if you are away more than 30 days. Get a neighbour to keep an eye on to watch. - Shak. See also: Eye your property and if it is in winter make sure you take precautions precautions Infectious disease The constellation of activities intended to minimize exposure to an infectious agent; precautions imply that the isolation of an infected Pt is optional, but not mandatory. against burst pipes and the like. It may be worthwhile getting hold of brochures from specialist operators such as Saga to see the range of holidays on offer. Some organisations also offer arrangements for long distance flights at advantageous rates without taking a full package. If you are likely to take a number of holidays each year, consider taking out an annual travel insurance policy rather than paying a premium for each holiday. 8. Adjust Remember that in retirement you are a new boy/girl. You are doing it for the first time. You should discuss the 'chores' with your partner and work out fair shares. It is a good idea to do more things together but also to have some activities you each do on your own. All cooking and housework should not remain purely feminine activities, if they ever were. Similarly business matters, tax returns and finances should not be male preserves, but should be shared and understood by both partners. Don't take over too many household duties, or your partner may feel deprived and unneeded. Retirement is an opportunity not a calamity! Enjoy it! Dos and don'ts for retirement Do</p> <pre> Plan your finances. Find something worthwhile to do. Consider your partner. Always have something to look forward to. </pre> <p>Don't</p> <pre> Rush into unwise decisions about finance or where to live. </pre> <p>Useful reading Your guide to pensions 2005 London: Age Concern England, 2004 The good retirement guide 2005, rev ed, Rosemary Brown Well-known people named Rosemary Brown include:
Getting started in retirement planning Retirement financial planning refers to a collection of systems, methods, and processes which, in their aggregate, support a family unit's (client's) desire to achieve a state of financial independence, such that the need to be gainfully employed is optional. , Ronald M Yolles and Murray Yolles New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of NY: John Wiley John Wiley may refer to:
Useful addresses Age Concern England, Astral (language) Astral - A programming language based on Pascal, never implemented. ["ASTRAL: A Structured and Unified Approach to Database Design and Manipulation", T. Amble et al, in Proc of the Database Architecture Conf, Venice, June 1979]. House, 1268 London Road London Road may refer to several hundred (at least) roads. England There are literally hundreds of London Roads in England. Only those which are significant outside their local area are listed here:
Tel: 0800 009966 www.ageconcern.co.uk Ashton Penney Partnership Ltd, Head Office, 64-65 Grosvenor Street London W1K 3JH Tel: 020 7659 0600 www.ashtonpenney.com Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. , 25 The North Colonnade colonnade (kŏlənād`), a row of columns usually supporting a roof. Colonnades were popular with the Greeks and Romans, who employed them in the stoa and the portico; they have continued to be used throughout the Middle Ages, the , Canary Wharf
Canary Wharf is a large business development in London, located on the Isle of Dogs in the London Borough of Tower Hamlets, centred on the old West India Docks in , London E14 5HS Tel: 0845 606 1234 www.fsa.gov.uk Saga, The Saga Building, Middleburg Square, Folkestone, Kent, CT20 1AZ Tel: 01303 711111 www.saga.co.uk Thought starters * Have you made a retirement budget? * Have you set up a retirement planner for retirement activities? |
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