Retiring early - a pipe dream or a reality?

Recent research conducted by Aviva found that one in four people who intend retiring early, target the age of 60 to leave the workplace behind. The survey found that ‘wanting to enjoy more freedom while still being physically fit and well enough to enjoy it’ was the main driver for leaving work behind.

The last two years has allowed us all to stop and consider what makes us happy, both inside and outside of the workplace, with a work-life balance being key to ensure mental wellbeing.

For many people that early retirement dream is still very much in their plans, however, there are many obstacles along the way that may make this goal a difficult one to achieve. The research highlighted that historically 1 in 3 people who retired early had the advantage of a Defined Benefit pension arrangement, however, with fewer of these schemes being available, is retiring at 60 still an option?

Simple steps such as starting to save as early as possible and having a robust financial plan in place are beneficial, but how do you know your plan is on track?

At Law Society (NI) Financial Advice we utilise cash flow modelling technology to create a bespoke plan providing our clients with clarity on what’s needed to achieve their financial objectives. More importantly, this will be proactively reviewed each year to ensure early retirement plans remain a reality.

If you feel you or any of your clients would benefit from our expertise in this area why not contact us below.

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