With the recent pensions freedom changes from the Government it is becoming more important than ever that, if you are approaching retirement, you seek financial advice. There are however, some people who are concerned that they may struggle to access the best advice and an affordable cost.
In order to counteract this, at the end of August the Treasury published a consultation paper on the ‘implementation of a pensions advice allowance’ for savers. The proposal is that consumers will be able to take £500 tax-free from their defined contribution pension to help pay for the advice they need.
The details have not yet been formalised, though the suggestion is that the withdrawals will be available to make before the age of 55, and the funds will be allowed in addition to the tax-free lump sum everyone is entitled to.
This step from the Government underlines the importance of investing in advice to prepare for the best retirement you can and we couldn’t agree more. Preparing for your retirement is not just about making sure you are financially ready, though that is vitally important, it is also key that you prepare for the emotional side of retirement.
Lovewell Blake is hosting an event on the evening of 13 October 2016 to help those approaching retirement to think about all the areas of retirement holistically – from the financial to the emotional and everything in between. To find out more and book your place please visit our bookings page.
If you would like to talk to someone on an individual basis about how you can prepare for your retirement, please contact Lovewell Blake Financial Planning Limited.