With the help of Slater Financial I can relax safe in the knowledge that my savings are working hard for me.
Whether you are years, or even decades, from retirement or are approaching retirement age swiftly, being prepared for a secure financial future and considering your options is essential. Your retirement income in particular needs careful consideration and could in fact shape the rest of your life. As a professional independent financial adviser (IFA) serving Buxton and the surrounding areas, our retirement and pensions team sit at the centre of our service and assist those looking for ongoing advice in accordance with the latest legislation on a daily basis.
In this article, we provide an important insight into what every individual approaching retirement needs to know.
Your State Pension entitlement
Whilst it is recommended that you have a personal pension provision as well as your State Pension, knowing what you are entitled to based on your National Insurance contributions can provide ultimate peace of mind when planning ahead. You can obtain a State Pension statement via the Gov.uk website.
Your savings and investments
Over the years you may have accumulated other income that could be accessed upon retirement, and whilst a private pension is an excellent way to put money aside for the years ahead, looking into ways to increase your income is advisable. By seeking advice from an IFA you can review and improve the savings and investments you have made so far as well as look into the additional fund choices currently available and applicable to your circumstances.
Your life after retirement
Considering your expenditure, such as your day-to-day spending, after retirement is another vital step to take when planning. It is likely that you will have less money to live on, and whilst spending in some areas, i.e. travel costs and uniform, may decrease, the amount you spend on heating, recreational activities and healthcare may increase. It may be worth making a few changes now to prepare for a more comfortable life after you retire so devise a budget, work to reduce your debts and refine your money management skills now.
*This article does not constitute financial advice. Slater financial strongly advises you to seek professional advice before making any financial decisions.*