One of the things we all hope for is that one day we will enjoy a comfortable and financially secure retirement. It may seem reasonable to expect this following a successful career, but the reality is that without good financial planning, hard work alone does not bring a secure future.
Pensions are the primary means by which people support themselves in their later years and to a large extent they determine the quality of life we will have in retirement. For this reason it is not something which should be overlooked, yet due to the complex and often confusing nature of pensions, they often are. This is why independent pension advice often proves invaluable when making key decisions such as:
- Determining the amount that needs to be saved in pursuit of the targeted level of retirement income
- Selecting the most appropriate and cost effective pension product
- Devising an investment strategy that will deliver the necessary growth, without excessive levels of risk
- Deciding the most appropriate way to draw an income from the accumulated fund
At every stage there are a range of different options that can suit different individuals depending on their own circumstances. Discussing these issues with a qualified adviser puts you in a position where you are able to make an informed decision that is right for you.
N.B the rules that apply to pensions are undergoing dramatic changes, particularly for those who wish to draw benefits. These developments are creating new opportunities by removing previous restrictions, contact us to find out more.