Money talks – is it time to enjoy the fruits of your labour?
When thinking about retirement take a step back and find a ‘challenging friend’, says Iain Stevenson.
What does 2022 have in store for you?
A question we will all no doubt be asking ourselves but for some, this is the year where it is time for change.
Following the unbelievable resilience shown throughout the dental industry over the past two years, keeping doors open and continuing to provide the best possible patient care under the most challenging circumstances any of us have ever faced, 2022 might be the year to down tools and enjoy the fruits of your labour.
Once that decision has been made, the onset of questions can be quite overwhelming. What is the first step to retirement? Who do you contact first? Can you afford to retire? How quickly can you sell your practice? How quickly can you access your pension? What should you do with your private pension? All need to be answered at some point during the process.
Retirement may be the end of one life stage, but it could also be the start of a wonderful new one. There is no doubt that the decision to retire is only partially a financial one, but it’s emotive too. What do you want your retirement years to be like – surviving or thriving? More often than not, physical and mental health also play a part alongside your family’s situation.
Take your time
Before you dive in and try to wade through the financial jargon and implications of things like your lifetime allowance or the McCloud judgement, take a step back and find a ‘challenging friend’, or financial adviser, who you can trust. Someone who can help you look closely at what life after retirement might be like for you.
There are two important points to remember. Firstly, give yourself as much time as possible to ensure you don’t make any quick decisions you might regret.
Secondly, everyone’s retirement is different, therefore ensure you model your decisions along with help from your ‘challenging friend’ to suit your individual needs. You have never been retired before, take your time and ensure you also build flexibility into your plan so that it can be adjusted when needed to meet your goal.
There are many decisions to make and some of these will be irreversible, so speaking to a specialist allows you to make an informed choice and help you enjoy your golden years to the fullest.