5 key retirement planning steps everyone should take

Retirement is something many of us think about and look forward to, but to have a comfortable, fun and secure retirement it is important to plan beforehand.  

Here at Inspired Villages, we know a thing or two about retirement and we’re here to help you with some handy tips on how to plan for your retirement. 


1. Think about your retirement goals 

Take a moment to sit and think about your retirement and what you want it to look like, envision exactly what you want to do and achieve during your retirement. Do you want to travel the world or prefer to stay local? Do you want to move to a new community or stay in your current home? Write down everything you want your retirement to involve and what you want to achieve – this is a great place to start when planning for your retirement.  


2. Review your current financial situation 

After you have envisioned everything you want from your retirement, you need to take a look at what your current financial situation is like. Being as realistic as possible will help give you a clear understanding of what you can afford in retirement and where your starting line is. Depending on where you are in your career and your life will affect the type of planning you need to do, but there are some stand out questions you should take a look at in every life stage. Firstly, what kind of debt do you have (if any!) and are you managing it appropriately? Are you managing your expenses? Finally, are you saving and investing appropriately? Speaking to a financial advisor can help you answer these questions. 


3. Calculate your retirement needs 

Once you have established what you want your retirement to look like and your current situation you can then move on to calculating your retirement costs. This is a great way to see if you are on track and highlight if you need to make any changes to your current situation. Most people will normally require around 60 to 80 percent of their pre-retirement income, but again this varies depending on the type of plans you have for retirement. 


4. Review your income sources and assets 

Once you’ve worked out your retirement income needs, you can work out if you have adequate income sources to fund the retirement you want. If you’re planning years in advance, look at your current sources of income and assets and how you predict they may be when you retire. This can include any personal savings, pensions pots, investment portfolios and home equity. One of the most popular ways people fund their retirement is by downsizing into a smaller home as this can be a great way to free up some extra money to spend on things to fully enjoy your retirement. 

Read our blogs on whether you should downsize during retirement


5. Don’t forget to plan for the unexpected 

When we plan for retirement, it can be easy to plan for the things that are guaranteed but it is equally important to create a contingency fund to ensure that unplanned expenditures don’t burn through your retirement fund. Even though you can’t predict what’s going to happen it is important to put some money aside for unexpected expenses, such as medical emergencies or any unforeseen circumstances.  

How we can help! 

Here at Inspired Villages, we have many different types of properties all over the UK, from Exeter to Warwick. If you’re looking to move and considering a retirement village during retirement, we can help you find the perfect property.   
One of the best things about moving to one of our communities is that it is more than just a village, there are several other benefits including spas, pools, gyms, restaurants, and also a great sense of community.  
If you’d like to find out more about us and the benefits and attractions of renting or buying a home in an Inspired village, get in touch today or read our blog on the benefits of living in a retirement village.  


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