Retirement Planning and obtaining Financial Advice
Retirement Planning – Obtaining Financial Advice
Without too much prompting, we can all picture our idealistic retirement lifestyle – but understanding what it will take to achieve it can be a different matter. That’s why it’s never too early to start making plans, in order to be able to ultimately realise your dreams.
The cost of failing to plan for your golden years can include a reduced quality of life, filled with stress and worry about money. It can also impact on your loved ones, limiting the amount of financial support you can provide and even impacting on their inheritance.
Everyone deserves to be able to enjoy their retirement; so, to help
you sit back and relax when the time comes do look at every aspect
of your finances and do consider obtaining financial advice whether you are planning retirement, taking early retirement, are about to retire or have already retired.
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Before Retirement – Pension Planning
It can be difficult to determine how much of a pension you will need in order to fulfil your idealistic retirement lifestyle.
A number of advisers will help you by assessing your current contributions and offer no-obligation advice on the different ways you could take action now to increase your retirement income, if considered necessary.
There are a number of potential benefits to undertaking pension planning.
Retirement Imminent – What Type of Pension Deal is Right For You?
Before the time comes to blow out the candles on your farewell cake, it’s recommended you give due consideration to what type of pension income you will need in your retirement.
Most pension funds can be accessed in the following ways:
- Up to 25% of your pension fund can usually be taken immediately as a tax-free lump sum. This can be used in anyway you like, for example to pay for something special such as a cruise, car or conservatory.
- For the majority of people Government restrictions currently state you can only benefit from the remainder of the fund in the form of an income. The most popular way of doing this is by purchasing an annuity.
Finding the best annuity deal for your pension fund – suited to your personal needs – can be tricky without professional advice. And the cost of selecting the wrong one can include a reduced quality of life in your later years. In order to maximise the amount of income your pension fund provides, you need to shop around for the best deal in the market rather than just accepting the first offer you receive from your pension company.
There are a number of financial advisers who will search the whole of the market on your behalf in order to locate the very best deal your pension fund can buy.
After Retirement – Building and Protecting Your Nest Egg
As recent years have demonstrated, the economic climate can change rapidly – meaning what was the best place for your savings and investments may not always remain the case.
This is where the benefits of obtaining financial advice are really emphasised.
Appropriate Financial Advisers can review your existing portfolio and
offer recommendations on ways you could potentially make more from it –
and there is typically no-obligation for you to act upon this advice
whatsoever.
Beyond your own retirement needs, thoughts will also turn to the inheritance you plan to leave loved ones. Many people are unaware that they could be liable to leave behind a 40% Inheritance Tax bill, unless they make sufficient plans. Read our Inheritance Tax section for more information. | |
 
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More:
Types of Financial Advice
Retirement Planning
- Financial advice
Inheritance Tax
- Financial advice
Making a Will
Investing your money
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