Retirement planning – taking control of your future
There are many different aspects to wealth management planning, and while some can perhaps be left until they become more relevant, there are some that should be attended to as early as possible – retirement planning is one such item. While it’s certainly true that we’re lucky in the UK to have a state pension scheme, it’s also true that it’s becoming harder and harder to meet our financial commitments on this money alone.
Meeting rising costs
You can’t ignore the stories across the media about the rising costs of essential utilities, such as gas and electric. On top of this, food and medical costs also continue to rise; groceries seem to increase in price every week, prescriptions become ever-more expensive and we’re now threatened with a more limited national health service. While some people plan to and succeed in owning their home outright by the time they reach retirement age, if you haven’t been fortunate enough to manage this, then mortgage payments can take a hefty chunk out of your monthly income too.
When you sit down and tot up all of these costs, you’d be forgiven for feeling that the time of your life where you should be relaxing and having less to worry about can actually seem like a scary time. Retirement planning is one way to help alleviate this stress; by being prepared and planning for your future as early as possible, you can lessen the burden of meeting your financial responsibilities in your older age.
Additional retirement planning to bolster work schemes
Although you can start paying into a private or personal pension at any time, the fact of the matter is that the earlier you start, the bigger your pension pot will be when it comes to start drawing from it.
It may be that you have one or more occupational pensions to buffer your state pension allowance, but unfortunately, there is no guarantee on how these will perform when it comes time to retire. By seeking professional advice regarding your retirement planning and other aspects of wealth management planning, you give yourself the very best chance to be as prepared as possible for your ‘golden years’. Ultimately, the more avenues you have from which to draw a lump sum or pension annuity, the more comfortable you will be during your retirement.
Our independent financial planners are not affiliated to any particular pension provider, so we are able to advise you according to your needs giving you an unbiased view of the pension marketplace. Why not give us a quick call, under no obligation, to see how we may be able to help you with your retirement planning or any other aspect of your wealth management planning?