It is generally accepted that retirement planning is about ensuring that you have sufficient financial resources to enjoy your retirement. Although most attention is placed on the provision of a pension, it is also wise to consider the timing of debt repayment to ensure the majority is repaid before you retire. This is especially important on any mortgage on your home.
Our role as Financial Advisers will often involve assisting clients in the completion of, what can be very complex paperwork; including accurate submissions to the Inland Revenue. Our advice to everyone is simple – be aware of all of your options and don’t leave it too late to see an Independent Financial Adviser. The latter, can’t be stressed too much as independent advice will result in the best possible deal for you and your circumstances.
Over recent years there has been considerable political comment and press coverage regarding the level of the State Retirement Pension. Large numbers of people believe that they will require more money after their retirement than the state pension can offer.
These feelings often lead to people beginning their long term planning with regular contributions into a pension scheme. Pension planning is normally a long-term commitment. The Government is trying to encourage more people to build up a pension fund of their own with the introduction of Stakeholder Pensions and changes to Contracting Out from the State Earnings Related Pensions (SERPS) or the State Second Pension (S2P).
In addition to considering your income in retirement, you may wish to consider provision of health cover or perhaps, plan for how you are going to provide for your dependents.
You may even want to think about planning the effects of Inheritance Tax on your estate and consider whether it would be wise to transfer a portion of your current assets to your children or grandchildren. For truly independent advice, call a Four Corners adviser on 0115 982 2996
The link below details a case study of just one of the many clients that we have assisted
