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Retirement is an exciting phase in many individuals’ lives, however, without the right planning the prospect of a different pattern of income and expenditure can be difficult to grasp. By putting preparations in place before retirement you can hit pension age with confidence and access a consistent income that allows you to enjoy life after work comfortably. Read on to discover the four things every individual approaching retirement should consider…
What options are available?
There are many pension products and schemes available, both privately and from the government, and knowing your options and investing wisely prior to retirement should be one of your main considerations. Our Buxton pensions team advise on all income options, including workplace pensions, personal and stakeholder pensions, basic State Pension, additional State Pension and Pension Credit.
Should I review my existing pension products?
For individuals who have already begun to build their pension pots, conducting regular reviews across your product portfolio is an essential part of ensuring that you are on track and the funds you chose initially are the most cost effective and profitable on the market.
When exactly should I retire?
Retirement age is no longer set in stone and as pension, savings and investment options have become increasingly flexible so too has the time of retirement. Whilst you won’t be able to draw on your State Pension until you reach State Pension age, private and workplace pensions give you the opportunity to retire early from age 55. Working past retirement can also offer a number of advantages with delayed drawdowns meaning a bigger pension pot to dip into and savings made due to individuals no longer having to make National Insurance contributions.
How much will I need?
Budgeting for retirement is another step that must be undertaken in the years before retirement as whilst it is unlikely that you will need the same income as when you were working, other areas of expenditure, such as leisure, may increase. Considering any shortfalls you have before retirement and topping up where possible may help you manage your income once you’ve stopped working.
*This article does not constitute financial advice. Slater financial strongly advises you to seek professional advice before making any financial decisions.*