Tips for a smooth retirement
Whether 2021 is the year you’ve earmarked for your retirement or, due to the pandemic, you’ve decided to retire earlier than intended, it’s not too late to get your plans in place.
Organisation is key to ensuring your retirement goes smoothly, even if it still seems a long way off, and we’re here to help you get your finances on track. After all, retirement should be a time to look forward to and not overshadowed by financial concerns.
The following steps should help you get started:
Get a State Pension forecast
This will show you how much State Pension you’ll get and when you’ll receive it, visit www.gov.uk/check-state-pension
Value all pensions
Check your annual statements to find out how much your workplace or private pensions are worth
Locate any lost pensions
If you’re unable to find important information related to previous pensions, the government’s free Pension Tracing Service can help you locate the necessary details
Quantify savings, investments and debts
Establish exactly how much you have in savings and investments, such as ISAs or property, to boost your retirement income. Prioritise paying down debts so that you start your retirement debt-free
Consider how much you need in retirement
We can help quantify your expected income to ensure you can afford day-to-day living costs, as well as some luxuries such as holidays. We’ll also take into account that your income requirements could change over time
Be scam savvy
Pension scams are on the rise, so watch out for schemes encouraging you to transfer money from your pension to another investment or access your pension early
Financial advice can be particularly valuable at a time of uncertainty. We can help make the big decisions at retirement easier by showing you all of your options and giving you the confidence that you’re making the right choices for your future.
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
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