Page 64 • The HERALD • 30th March 2023 v THE HERALD - Proud to be part of your community v ASK A PROFESSIONAL TIME TO RETIRE? by Michael Osman, Oyster Financial Planning e end and start of a tax year can prompt thoughts about retirement due to the pension and ISA annual limits you can invest linked to this time of year. ere are signs and targets that can signal that you are prepared to retire, but it can be di cult to gure out when you are truly ready to retire. We may think of retirement as being centred around a particular age or monetary amount. When we get to ‘X’ years old or have ‘Y’ amount of money, we can con dently retire. e turbulent times we’re living through have given many people pause for thought to consider their work-life balance and think more seriously about what makes them happy. If you aspire to retire early, it’s vital you plan your nances to be sustainable for the long term. QUESTIONS TO ASK YOURSELF FOR A SECURE FINANCIAL FUTURE WHAT IMPACT COULD INFLATION HAVE ON MY RETIREMENT PLANS? In ation is a major factor when planning for retirement because it can reduce the purchasing power of your money over time. erefore, it is essential to plan for retirement by ensuring that your savings and investments are able to grow in real terms, above the rate of in ation. WHAT IS MY RETIREMENT TIMELINE? When it comes to planning for your retirement, it’s best to get a plan in place far ahead of your intended retirement date. at way, you can take the time to gain a full understanding of your nancial situation and identify any issues or opportunities for improvement. With our expertise and experience, we can work with you to optimise your retirement plans. COULD RETIREMENT CASH FLOWMODELLING HELP ME? Retirement cash ow modelling is very useful in making assessments about your future retirement requirements. It enables you to consider all of your potential sources of income in retirement and how they can best be used to cover the cost of your desire retirement lifestyle. WOULD AN ANNUITY BE BENEFICIAL? An annuity could be bene cial for those who have no capacity for their income to fall in the future, and those with reduced health. WHAT IS MY ATTITUDE TO INVESTMENT RISK? When making investment decisions, you need to establish the level of risk that you are comfortable with. is will vary from person to person, so it is important to obtain professional advice to help you assess your risk tolerance. Understanding your attitude to investment risk is an important factor when planning for retirement. To discuss your retirement plans with a trusted local professional please get in touch with Michael at Oyster Financial Planning in Hythe Village centre on: 023 8084 8410. Michael Osman, Oyster Financial Planning Are you a creative or cultural professional who lives or works in the New Forest? New Forest District Council help run the Folio network - a collective of professional arts and cultural organisations and freelancers. New members are always welcome to join. Folio works to support professionals, organisations and community group leaders in the New Forest. e network creates new ways for people to experience arts, culture, and heritage in the local area. By joining the network, you’ll be the rst to hear about upcoming events and opportunities, and bene t from the shared resources that are available to you. Folio has an active calendar of networking and training events providing many opportunities to meet other like-minded people. Find out more about Folio:folionewforest.org Folio New Forest Arts and Culture Network
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