Planning for the future is vital to ensure that you get the very best out of your retirement.
Lovewell Blake Financial Planning Limited have put together a guide for those approaching retirement – Your Retirement Experience – with a range of financial areas that you need to think about when planning for the next phase of your life.
The document looks at:
- The state pension
- Individual Savings Accounts (ISAs)
- care home fees
- personal pension options
Recent changes to the pension rules mean that you are able to be quite flexible with your savings. Options include:
- Leaving your pension funds untouched
- Buying an annuity
- Flexi-access drawdown
- Take small cash sums from your pension fund
- Take your whole pension fund as cash
- Mixing your options
As well as getting your financial plans in order, you need to think about the emotional and practical side of your planning – to give yourself the best chance at a happy and fulfilling retirement.