When approaching retirement age, the right type of advice can make a huge difference. It is a good idea to start preparing your finances for retirement, usually at least two years before you retire.
Here’s a checklist of things to do so that you’ll be ready:
Work out what money you’ll have coming in and think about how your spending might change once you’re retired. This may include income that will continue in retirements as well as how much you might get from defined benefit pensions.
Add up the savings and investments that you could use to increase your income when you retire.
Pay off debts. Your income is likely to go down when you retire, so any fixed repayments will take up a bigger share of it. Many people use their pension tax-free cash lump sum to clear debts such as their mortgage or loans.
Check whether you’re entitled to any benefits for older people – you might be able to get benefits like Carer’s Allowance, Housing Benefit or Council Tax Reduction.
Get an estimate of your state pension. This will give you an estimate of how much you may receive based on your National Insurance contributions.
Get advice or guidance on your options for how to take your pension.
Set a target date when you want to start drawing an income from your pension.
Regardless of the life stage you have arrived at, it is important to receive expert and professional advice on your pension plans and requirements. You can find out more about your options by contacting Wellesley Wealth Advisory on 01444244551 or via email at firstname.lastname@example.org
The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax reliefs depends on individual circumstances.