Many Brits are dreaming about retiring to a sun-drenched destination , and living in their final days surrounded by clean air, sand and the ocean. Portugal has been a favorite retirement destination and as the cost of living increasing in the UK and elsewhere, it’s difficult to disagree with the decision to look for new pastures.
If you’re looking for retirement in Portugal There are many things to consider now to make sure you be able to live that life which you’ve always dreamed of. From determining the amount your pension will pay and getting financial planning guidance, it’s important to be prepared with regards to your retirement plans.
Find out the best ways to prepare yourself your retirement for Portugal.
What is it that makes Portugal such a sought-after retirement destination?
The mild climate is believed to be among the main factors that lead many to decide to choose Portugal as their retirement location. In the summer, the Portuguese are able to expect between 11 and 12 hours of sunshine and temperatures as high as 25 degrees.
The natural beauty of the country is believed to be a factor in the attraction of retirees. Beaches are long, lined with soft golden sand, and the green hills provide an amazing landscape that one cannot help but admire.
In this article, we will discuss the steps you should take as you prepare for retiring in Portugal.
Calculate the amount of income you’ll require to live on in retirement.
The first step in making a plan for you retirement plan is figure out the amount of money you’ll require to live the lifestyle you’ve got in your mind. Since your income patterns changes as you age and you’ll have to adapt to living with less than what you’re used.
Set up a budget to accommodate this transition by using a budgeting planner. break down your financials in “essential” and “non-essential” expenses. Once you have a clear picture of the spending habits you’ll have throughout retirement it will be easier to figure out the amount you’ll need to save to retire.
Determine the amount of your retirement income will be.
Since your pension is likely to increase through your life however, you might not be aware of the much you’ll be able to receive at the time you retire. Examining your pension statement and using a calculator for pensions will provide you with an estimate of what your retirement income per year is likely to be. This can help you plan your budget in line with your needs.
Get expert advice
It can be daunting to navigate the maze of retirement and pension plans by yourself, and you may be faced with a variety of difficult financial choices. Financial advisors can help your through this process, and address any questions you be asking, helping you make the right decisions regarding your retirement plan with confidence.
