A short guide to retirement planning

Living for another 30 years after work isn’t just a possibility, nowadays it’s a probability. Whether retirement is many years away or just around the corner, unless you start planning for retirement now, there is a great danger that you could outlive your savings.

Start planning your retirement early

The earlier you start planning, the easier it will be to create the retirement lifestyle you want. As the UK’s population is living longer, planning in advance for retirement is becoming even more important. This is because, for most of us, the State Pension will not provide adequate funding in retirement to maintain the lifestyles that we have become accustomed to during our working lives. Putting in place the right provision will ensure that you enjoy a comfortable retirement, free of money worries and with peace of mind that you will not outlive the funds that you have gathered over your working life. It’s never too early (or too late) to think about your retirement; for many people, the savings that are accumulated during their working lives are directed at helping them to become financially secure in retirement. Unfortunately, all too often, some people continue to save without a clear view of how much money they will need to live the life they desire for the entirety of their retirement. This can create uncertainty around when they can retire and what kind of lifestyle they will continue to be able to live when they do eventually retire.

Why use an Independent Financial Advisor (IFA)?

Unless you’re in a pension scheme that pays an income based on your salary once you retire, you’re most likely to be saving in a scheme that provides you with a sum of money (known as your pension pot). If that’s the case, you’ll have to decide how you’re going to use your pension pot to provide an income when you retire. There are lots of options available, some more complex than others, but deciding which is right for you is not straightforward by any means.

Even before you get to that stage, however, there are tricky questions you might need help with such as

  • Can you afford to retire?
  • Should you bring all your pension pots together?
  • How much will your State Pension be?

This is where an IFA can help; they can help you make the decisions that can better your life in retirement. By using our unique matching service, Financial Advisor UK will match you with an FCA-registered independent financial advisor in your area and with expertise in wealth management and retirement planning.

Helping thousands of people find their perfect financial advisor