Planning for the future is vital to ensure that you get the very best out of your retirement.
Lovewell Blake Financial Planning Limited has 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
- taking small cash sums from your pension fund
- taking 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. This will give yourself the best chance at a happy and fulfilling retirement.