Approaching retirement

Description

Approaching retirement can be a daunting but exciting time, some people can’t wait to finish work, others dread it, whilst some finish at their first opportunity, others gradually reduce their hours or find a part time job. Most people tend to time their retirement with their state pension age but this is not mandatory, you can continue to work, or retire earlier should you have sufficient resources.

However and whenever you choose to retire it is a good idea to take professional advice.

Things to consider

Although it may seem a long way off for some, it is very important to continually review your retirement provisions throughout your working life. This sentiment becomes even more important as you adge closer to retirement and aim to retire with a sufficient income. It is also important to review your protection provision regularly to ensure that your retirement plans are not derailed by something unexpected like an accident or illness.

It is advisable that you complete and begin using a budget planner so you can see how your money goes. This will help you understand the level of income you will require once your reach retirement age.

When retirement is imminent you will need to work out the best way to make the most of your pensions and investments, it used to be that everyone had to buy an annuity with their pension funds, but now there are many other options. A financial adviser will be able to go through your options and recommend the best method for you based on your needs and circumstances.

Many people choose to take the maximum tax free lump sum from their pension fund when they retire, if you have no immediate plans for this money it is a good idea to speak to an adviser about a suitable investment to keep it in.

 

You might want to consider a professional who advise on some or all of the following product areas: Investment, Insurance, Pension & Protection.