Planning For Your Retirement
Planning for your retirement is possibly the most important financial decision you will ever make. With life expectancy increasing year on year, we are now seeing the potential to spend almost as many years enjoying retirement as we have spent saving for it. Planning for it correctly will provide you with the standard of living you wish after you stop work.
Forward planning for your retirement can mean having the reassurance of financial security in later years, rather than the worry of wondering how you will cope. A comfortable lifestyle in retirement is something to which we all aspire, and increasing longevity means that we all need to make extra provisions for that retirement.
A pension is a long-term investment. The fund value may fluctuate and can go down, which could have an impact on the level of pension benefits available. Your pension could be affected by interest rates at the time you take your benefits. The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation and regulation, which are subject to change in the future.
Everybody has ambitions for life after work - places we want to see, activities we want to do, and people we want to spend time with. A financial plan that provides you with income is essential to reaching your goals.
You should also consider other factors, such as how to make sure your wealth will last as long as necessary, whether you need to plan for future care needs, and how much you might want to leave as a gift to your family. Weighing options is key to striking the right balance
The value of your investments can go down as well as up and you may get back less than the amount invested. The Financial Conduct Authority does not regulate taxation advice.
