Retired
You could be forgiven for thinking that your financial life gets easier in retirement. After all, surely the hardest part was saving for retirement in the first place?
Unfortunately, however, that’s not always the case. Ensuring you don’t run out of money, whilst living a full life and getting the most out of the years ahead, can be a tricky balancing act. None of us know for certain how long we’ll live, or what our finance requirements will be as we move into our later life.
Security and peace of mind for the years ahead
Retirement brings financial concerns and challenges for many people and you could find yourself asking questions, such as:
- Have I saved enough money to afford the lifestyle I want?
- How do the new Pension Freedom rules affect me?
- Did I make the right financial decisions with my pension?
- How can I improve the return on my savings and investments?
- Am I taking a sensible amount from my pension?
- Can I afford to help my children and grandchildren in the future?
- Will I be able to afford the cost of care if I need it?
- How will my estate be affected by Inheritance Tax when I pass it on?
A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The value of your investment (and any income from them) can go down as well as up which would have an impact on the level of pension benefits available.
The last questions might not be quesions you want to dwell on for too long but it’s nonetheless very important to be prepared for the future and all eventualities.
Your retirement should not be defined by money worries. Effective planning and starting that planning early enough to deal with any potential problems that may crop up, are the best ways to ensure that you are free to live the comfortable and secure retirement you desire.
If you recognise yourself here, get in touch and let’s talk through your options.
The benefits of retirement planning
If you haven’t approached a financial planner before, here are ten reasons why financial planning is so important, whatever your stage in life.
10 benefits of financial planning
- Making a financial plan will help you define your financial goals.
- It will help you see whether your goals are realistic and if they work on your timeline.
- It will help you see if you have ‘enough’ for your goals.
- It will help you see where you need to bring your spending into line.
- It will help you identify where you could be spending more.
- It will help you understand why you haven’t been able to achieve your goals before.
- It will allow you to measure your progress against your goals.
- It will help you find ways to maximise and grow your money.
- It will help you feel more prepared for and secure in, your future.
- A financial plan gives you peace of mind.