- The best investment strategy depends on your retirement plans
- If you are in a couple, plan together
- Don’t take the tax-free lump sum if you don’t need it
Planning for retirement is a two-phase effort. You set a financial goal that reflects your needs and future plans, and then work out how you can grow your money to achieve it.
Last month, we looked at how much you might need to save for retirement and how factors such as higher living costs and longer life expectancy can influence the size of the retirement pot required. From setting the right investment strategy to tax efficiency, we now consider the best ways to reach your retirement goals as well as the mistakes to avoid.