Farley And Partners

Planning strategy

As well as your age, your retirement planning strategy will be determined by a number of factors:

Is there a company pension scheme?

  • Are you self-employed?
  • How old are you?
  • How much can you invest for retirement?
  • How much state pension will you receive? 

For a forecast of your state pension, phone the State Pension Forecasting Team on 0845 3000 168.

You can estimate your post-retirement living expenses at roughly 60-80% of your current living expenses. Studies have shown that, comparing people aged 45-54 and those aged 65 or more, the average reduction in expenses is:

Personal care, heat and light and food 35%
Housing and furnishings 39%
Entertainment 50%
Clothing 56%
Insurance 85%
Education 88%

While the above table represents an average some other questions may assist in helping you calculate what income you might need in retirement.

  • Will your car costs now be payable by you personally instead of by the business?
  • What additional personal costs will you incur? e.g. holidays
  • Will your hobbies cost you money, or maybe earn some income for you?
  • What family costs might you still incur? e.g. weddings, house deposits, grandchildren
  • Will you continue to save?
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