17:01 24 February 2013
If it is possible for you, take stock of your financial situation at the ten, five, and year marks before your scheduled retirement. Doing this allows you to compensate for any recent developments or any unexpected occurrences which may force you to retire earlier than you originally anticipated.
1.Make sure you find any pensions that you will be eligible to receive. This can be done through the Pensions Tracing Service (direct.gov.uk).
2.Check statements, if applicable, that you normally receive from any personal and/or company pensions.
3.Figure out if your pensions and the projected pension you’ll receive are on track with your expectations.
4.If you have personal investments or invest through work, you may want to consider checking investments every six months.
5.Take into consideration your comfort with various levels of risk. If you want a guaranteed payout over a set amount of time, begin checking annuity information. Don’t choose an annuity or annuity company until you are sure it is the right one for your retirement planning.
6.When figuring the amount for retirement, include extra to compensate for increasing prices for costs of living.
7.Research benefits of a Self Invested Personal Pension (SIPP) if you desire more flexibility.
8.Talk with an Independent Financial Advisor to find out the best way to manage your finances for the future.
Every person’s needs are unique, and no solution will fit everyone. Much of what is available to you will depend on your comfort with different risk levels, lifestyle choice, and even your health.
Retirement planning involves many factors and you can familiarize yourself with annuity, pension, and drawdown options before you have to make a decision.
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