Retirement should play a big part in your life planning, whether you’re secure and ready or late to the game.
Some people decide to retire early; others work into their later years. Many people under-estimate how long they will live and how much income they will need for a good standard of living in retirement. However old you are, retirement should play a big part in your financial life planning.
We split retirement into three different sections:
’ Approaching retirement’, the years leading up to your planned retirement. This is a key time as investment and tax planning decisions made now could impact on the rest of your life’s tax efficiency.
‘At retirement’, the time when you are about to take your pension, making life long decisions on how you take your retirement income. This may not be the clearly defined line that it used to be. Many people choose to work part-time alongside the early years of drawing pension benefits.
‘Post retirement’, after you have taken your retirement and decided how to draw your retirement benefits. This is where you make decisions on how the money is spent, what you decide to do and how you put provisions in place for your family once you are gone. There are many advantages with recent pension legislation and innovation but most people will need to regularly review their circumstances to ensure they enjoy financial security and make best use of changes in the law and financial products.
Our independent financial advisers can help you at all stages of your retirement – contact us. Click here