Planning for and at retirement
What’s usually called retirement planning has two aspects: planning in advance to achieve the retirement income you want, and ‘at retirement’ planning where you reorganise your assets to generate the returns you need to support your chosen lifestyle.
As financial planners we naturally encourage people to plan as far in advance as they can. If you start your retirement planning a decade ahead, you can be more confident about the outcome and adjust your holdings progressively over a period of years. Often, of course, people’s intended retirement dates change, so we encourage clients to review their retirement plans annually.
Some people simply accumulate what they can and wait to make long-term plans until they are on the verge of retirement. At that point, people often need to generate a certain level of income from the capital available to top up a fixed pension income.