To ensure that you have sufficient funding for your retirement, it’s important that you implement a well-developed plan, to help with your savings. Since the State Pension requirements changed in 2010, you now will have to wait longer to get your income from the state, with the average individual receiving it at 68. What’s more, you shouldn’t rely upon the State Pension alone as a source of income for your retirement, because it’s unlikely to be a sufficient amount to fund your desired lifestyle, as the average state pension is much lower than minimum wage, amounting to £9,110.40 per year.

It turns out that there’s plenty of financial planning advice out there that you can get your hands on, and by employing a financial advisor, you can make well-informed investment choices, to make the most out of your capital. Retirement planning can be simple if you plan ahead and use the abundance of resources available to you online. What can be trickier though is keeping up with your retirement plan when you eventually retire. To help you, here’s some useful advice to keep you on track.

Continue to seek help from a financial advisor

You don’t have to go it alone when you continue to plan for your retirement when you stop working. Although you might have been in charge of your own finances throughout your life and believe that you best understand your financial situation, an advisor is there to do just that – advise. They’re not there to take control and you’ll have the final say in all decisions. Your advisor will take various different scenarios that you could face into consideration, to help you to plan for situations that could negatively impact your income.

An advisor will also help you to get the most out of your capital by helping you to identify attractive investment opportunities and make your investment fund work harder for you. Your advisor can create a fully tailored investment portfolio, to suit you and your lifestyle so that you’re in the driver’s seat.

Keep track of your spending habits

You may have budgeted throughout your working life and have a good understanding of your spending habits and it’s more important than ever to continue to track your spending once you stop working. This is because your habits could change, since your lifestyle will alter dramatically.

Assessing your annual expenditure will allow you to understand how much money you will need throughout your retirement, so that you can make spending and saving adjustments, should you require more or less capital. Tracking your spending is simpler than ever, since you can access an overview of all of your outgoings in an online banking app.

Create a budget

We previously assumed that you may have budgeted throughout your whole life. However, you might have never implemented a spending cap into your savings plan, but it’s never too late to start. Once you’ve got an idea of how much capital is required to fund your desired lifestyle, you can set yourself a cap on how much you can spend in a week, or a month, to stay in control of your expenditure. If you need some help then a financial advisor can help you to implement a suitable budget plan and tools to help you to stay on track.