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Financial expert Michael Copeland from Wesleyan Financial Ltd spoke exclusively with Express.co.uk on the best ways to achieve a comfortable retirement. When explaining his ‘golden rules’ he said: “First of all, have a plan and understand what your plan is.
“So that means find out when you want to retire, what do you want to do in retirement, what do you want to be in retirement and what kind of income do you think that you’d need to enable you to achieve those goals in retirement.
“By answering these questions and getting organised you’ll be able to design the type of retirement you want, and work towards that. It will also help you figure out the capital that you would need to achieve this.
“There’s a saying that goes a goal without a plan is just a dream.
“So, sit down, formulate your plan and then take financial advice.”
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Mr Copeland continued: “Second, speak to people who understand about retirement planning.
“They understand about helping you to build your retirement goal and strategy and they review it.
“This isn’t going to happen by magic, there’s no fairies in the background working on your retirement goal.
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“You must sit down at least every year and review your plan.
“As we’ve seen with the pandemic, things can change so quickly so it’s so important to keep checking this.
“You need to make sure you are on track to meet your objectives.”
Whilst discussing retirement planning, Mr Copeland stressed the importance of pension planning being the top priority.
“It will also be able to really valuably assist in the future in meeting any potential long term care costs.”
To conclude, Mr Copeland added: “My last rule is longevity.
“The longer you give yourself to plan towards your retirement, the higher the likelihood you’re actually going to achieve it.
“Anyone can achieve it, for me it’s about longevity.
“It’s not timing the market, it’s time in the market.
“And for me its people getting advice as early as possible, getting their plans in place as early as they possibly can so they have time to ensure all their arrangements are in place. That’s my number one recommendation for all my clients.”
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