As retirement looms the time comes to take stock of all of your investments and pensions. It is also a time to review your outgoings and to consider how these may change as your lifestyle changes. What will be your minimum income requirement? Where will this come from? What decisions will you make with regard to pensions – both occupational and personal? What will your State Pension be*? How is your capital invested? Is this still appropriate? Will you now spend capital? If so, how long will it last? What if your health fails? How long will you live and how long will you be fit and active? Will you travel more, take up new hobbies, do voluntary work? Questions, questions, questions!
It is definitely a time to take advice. HDA offer a “holistic” financial planning service which will take account of all aspects of your impending retirement.
As far as your Personal Pension plans are concerned there will be two avenues to explore: Annuities and Income Drawdown.
*You can obtain an up-to-date State Pension Forecast by logging into the government’s “Check your State Pension” page (https://www.gov.uk/check-state-pension).