Retirement Planning

Am I ready for life beyond work?

When it comes to planning for retirement, the earlier you start, the more potential your money has to grow. Retirement planning is not simply about paying regularly into your pension and forgetting about it. Instead, it is essential to review your progress against your retirement goals and take account of changes that may affect your plans.

Life Financial Solutions provide professional retirement planning advice to help you structure your affairs to ensure they meet your desired level of income when you stop working. With ever-changing pension legislation and increasing life expectancy, it makes sense to use all the tax-efficient options available to create a flexible retirement plan.

Today you have more options than ever when it comes to your retirement savings.

Questions you may want to consider

• How much do you need to save?
• Is a pension the most appropriate solution?
• Should you take tax free cash?

Living for another 30 years after work isn’t just a possibility, 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. 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. For most of us, the State Pension will not provide adequate funding in retirement to maintain the lifestyles 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 your funds.

It’s never too early – or too late – to think about your retirement. For many people, the savings that are accumulated during your working life are directed at helping you to become financially secure in retirement. But, 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 in alignment with their financial goals.

The value of pensions can fall as well as rise, you may get back less than you invested. Pensions should be seen as a long term investment. Pension legislation can and does change over time. Always seek financial advice before taking action in respect of your retirement planning.