IT’S among the questions I’ve been asked most throughout my career as a financial advisor…

“When will be the best time for me to retire?”

And it’s imperative that we all get the answer to this question right.

In honesty, there’s no simple answer…  as there are so many factors that are going to be unique to you personally.

However, there are several other questions you can ask yourself before you decide whether to make the leap into retirement… or not.

Can I afford to retire?

Ultimately, your ability to enjoy a happy, fulfilling and secure retirement and the lifestyle you desire will be underpinned by your financial situation.

So, take a holistic look at your finances so you can work out how much income you’re likely to receive in retirement.

This includes your: private pensions; investment income; state and workplace pensions; cash savings; social security benefits; and other assets.

It’s also really important to look at your existing debts, as this will eat into your income unless you pay them off as quickly as possible.

What do you want from retirement?

From many different conversations down the years, I’m aware that there’s no one-size-fits-all model of retirement.

Some may dream of a quiet life, staying at home and pottering around the garden.

Others, meanwhile, might see it as their opportunity to be more adventurous, travel the world, go to festivals and indulge in their hobbies, passions and family.

By asking yourself what you want from retirement, you can then work out what your chosen lifestyle is likely to cost you, and when you’ll be in a financial position to fulfil this goal.

Are you in good health?

Retirement should be a time when you have the freedom to enjoy days out, holidays, family time and activities, so you don’t want to be held back by health issues.

You should therefore do all you can to increase the chances of enjoying good health in later life, such as maintaining an active lifestyle, managing existing conditions and not neglecting your mental and emotional wellbeing.

Investing in your health in the present is an investment in your future - and could put you in a position where you’re able to truly enjoy your retirement years.

Seek financial advice

If you get your pension provision right, you'll enjoy the longest holiday of your life…

But if you've not got sufficient funds in place then your final years could prove one long financial struggle.

Getting to grips with every aspect of your finances and working out your likely income in retirement can be complex and overwhelming in equal measure.

However, a specialist financial adviser can take away this burden, examining your finances in the round to create a personalised retirement plan.

Retirement is something many of us dream of, so carefully considering your finances, health and lifestyle ambitions straight away can set you up nicely for the future you want… and deserve.

If you have any questions about the best way to get your finances on track, please get in touch with Jillian or another member of the Future Life Wealth Management team by going to https://wealthmanagement.uk.com/ .

No individual investment advice is given, nor intended to be given in this article and liability will not be accepted in respect of any action you may take as a result of reading this article. If you are unsure you are urged to take independent investment advice.