When approaching age 55
Many people begin to worry about their retirement and start asking themselves questions like:
- Where is my pension and how much have I got?
- Can I afford to retire?
- Is my pension going to last throughout retirement?
If these questions sound familiar,
You're in the right place...
I’m Luke Thompson, a Financial Adviser based in King’s Lynn and I help people just like you to:
- Locate their pension
- Understand how well their funds are performing
- Maximise performance of their pension
- Put a robust plan in place to reach their retirement goals
If you’re aged 50 to 60, now is a good time to review your pension and take control of your retirement.
What should you do when approaching retirement?
In the 5 years before you retire it’s important to carefully review your pensions, savings and investments.
And in the lead up to retirement it’s a good idea to accelerate your pension contributions to accumulate as much growth as possible before you begin to take an income.
When and how should you begin taking an income?
As you approach retirement there are many questions to consider about how best to take an income and when to start drawing from your pension, based on your individual circumstances. For example, questions like:
- Should you purchase an annuity or take income drawdown?
- Should you use your savings first before you take an income from your pension?
- What’s the most tax-efficient way to take an income?
- How can you make sure that your savings will last throughout retirement?
And many more.
I have the knowledge and experience to help you navigate these questions, gain clarity over your retirement plan and make sound financial decisions based on your circumstances.
What is the first step in preparing for retirement?
The first step is working out how much income you will need throughout retirement. To calculate this I take into account various factors such as your planned retirement age, desired lifestyle, projected expenses, the influence of inflation on your savings, and more.
Once we have a clear understanding of the income you’ll need in retirement, we can calculate the monthly contributions you should be making to your pension to achieve your retirement goals.
Why is it important to seek advice?
If you choose not to seek professional advice you could potentially make a costly mistake. People spend decades saving toward their retirement and, in some cases, they unfortunately make one mistake that jeopardises their standard of living throughout later life. Pensions are complex financial products that come with various tax implications and so it’s important to speak to a financial adviser who can help you to make the right decisions based on your circumstances.
The value of an investment may fall as well as rise. You may get back less than the amount invested.
Book a free 30-min consultation