Why in-depth retirement planning should be top of your ‘To-Do’ list

retirement planningIf you’re dreaming of taking your pension, then it’s vital to have a plan in place to turn your dreams into reality. In the run up to retirement, there are a number of things you can do to ensure you are better informed and prepared for what lies ahead.

It makes sense to find out what your state pension age is, get a forecast from the government of how much you will receive in state pension, and a statement showing the amount of pension you will receive from employment schemes.

Getting good advice really matters in retirement planning

Retirement Income Market data from the Financial Conduct Authority1 (FCA) reveals that many reaching retirement don’t take advice, preferring to take what their existing pension company has on offer.

This shows that consumers aren’t sufficiently aware of the options open to them. Many simply don’t realise that they are within their rights to shop around amongst other companies and compare deals, enabling them to make an informed choice. Whilst staying with your existing provider might well represent a reasonable deal for your financial circumstances, taking advice could highlight alternative options better suited to your needs.

It’s never been more important to take the right advice at retirement; decisions taken at this point can have a major impact on your quality of life for many years to come. Good advice will not only take into account your pension arrangements, it will also encompass a review of your other financial assets, your goals and plans for your future.

If you’re making plans for your retirement and would like some professional advice, then please get in touch.

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.

1Financial Conduct Authority, Retirement Income Market Study, 2016

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