NEARING RETIREMENT?
HERE’S WHAT YOU NEED TO THINK ABOUT
It may be approaching on the horizon, the prospect of a long, happy retirement, after years of working hard. For many in Sevenoaks, Kent, retirement means spending more time with family and friends, or pursuing hobbies and interests, travelling the world or maybe even starting a new career or enjoying your garden. Whatever you want your retirement to be, here are some tips to help you plan your finances to make the most of your later years.
Get familiar with your entitlements
Do your maths – working out how much you will have to live on and how much you’ll need to spend is your first port of call. If you’ve had several jobs around Tonbridge during your working life, you may have built up various pension pots, so get familiar with what you already have, plus there’s your state pension to consider. It’s a good idea to put together a budget that includes all your sources of income, your basic living costs, money you’ll want to spend on holidays and pastimes, plus funds to cover emergencies.
Be scammer-savvy
It pays to be scammer-savvy. There are scammers around who are desperate to get their hands on your pension funds. They email, cold call and can even turn up unannounced on your doorstep. ery often, scams don’t look like scams. They sound legitimate and come via convincing websites and glossy brochures. Don’t get taken in; if an investment sounds too good to be true, then the chances are that it is. You can check out scams on the Financial Conduct Authority website (Be a ScamSmart Investor).
Focus on the future
Give careful consideration to making and updating your Will, also think about putting a Lasting Power of Attorney in place, so that if the time comes when you aren’t able to make decisions for yourself, you have nominated someone you know and trust to act on your behalf. If you think that your estate might be subject to inheritance tax, then this could be a good time to get some professional advice as to how to plan your wealth so that more of it will go to your heirs.
Take some sound advice
The pension reforms that came into effect in 2015 provide greater flexibility and choice. With life expectancy continuing to rise, many people retiring today can look forward to a lengthy retirement, so it’s more important than ever to make the right decisions about your finances. Financial advice can help you understand your options, make the most appropriate choices and plan your finances for the future. Get in touch today to consider your options.
If you’re making plans for your retirement and would like some professional advice, then please get in touch. Tax treatment depends on individual circumstances. Tax treatment, rates and allowances are subject to change. The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.