Everybody should before retirement do some kind of cashflow forecast. This will simply look at the funds that you have now, what income you could have in retirement and when your funds will run out. That way you know whether your financial future looks sunny or otherwise.
Most people have an inbuilt fear that they will run out of money at sometime in retirement because they are not working any longer. There is no need to have this fear you simply need to have a conversation with a financial adviser and you will know the answers.
When you have this information, then it is much easier to plan your retirement and also to have far less money worries.
There are no rules to cashflow forecasting you can include any income or any outgoings and allow for any future costs at any age you wish to. It is simply a complicated sum, which any good financial adviser can uncomplicate when talking to you about. You can factor in any investment income any annuity income. If you are still working you can factor in any future income that you expect to receive before you retire.
In fact it is often better to do this well before retirement so that you can then work out how much exactly you need to save to build up a large enough pension fund for your retirement. If you would like any help with putting together a cashflow forecast, then please contact us and we will be happy to put this together for you.
Square One Financial Planning LLP is a leading firm of Chartered Financial Planners based in Sussex, UK. Please click here for more information on how Square One Financial can help you with your Pension Planning.