Financial advice for people approaching retirement

Approaching retirement

Financially, things should be a bit easier now.

Your children are probably independent and you may already have paid off your mortgage. You like the thought of taking it a bit easier, having more time to do the things you enjoy, perhaps even working part-time or retiring early. Hopefully, you are still in good health, but you may have the worry of caring for elderly relatives.

Your main priority will be to preserve the value of your pension fund, investments and any money you have inherited, so you have enough to maintain your lifestyle when you retire.

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Savings & investments

It may be the time to take a more cautious approach, for instance restructuring your investments to produce income - if you don’t need the extra income now you can simply reinvest it, potentially further boosting your retirement fund.

Retirement income is taxable, so check that your investments and savings are as tax-efficient as possible. Are you using your full ISA allowance?

Pensions & retirement

You would like to retire early, but can you afford to? What impact would this have on your assets, including those outside your pension? Even if you are retiring at the normal age you should check your pension and obtain projections to ensure you are on track.

We can explain your options in the context of your current provision and future requirements.

Choosing an annuity is a once in a lifetime decision, so it is important to make the right choice. Find out how we can help you get a higher level of income.

Insurance & protection

You may find yourself faced with the dilemma of caring for elderly parents or relatives. This is expensive and can quickly deplete the family’s accumulated wealth. However, we can help you plan ahead to meet the cost of nursing home care without selling your hard-earned assets.*

Also, inheritance tax now reduces the wealth of many families. Do you understand how it will affect yours? Are the Wills of all family members up-to-date and tax-efficient?

*Please read the About us section.

Mortgages & borrowings

If you haven’t already done so, you should consider paying off your mortgage and other loans. Your mortgage may allow you to make a substantial capital repayment each year, over and above your monthly repayments. Alternatively, you could repay more each month.

Either way, you will repay your mortgage sooner. But make sure you read the small print – repaying more than you are allowed to could incur heavy penalties.

About to retire? Our annuity service can help you get a higher level of income income. Equity release: turn the cash locked in your home into a tax-free cash lump sum to enjoy now.

What are your goals?

These are the most common goals customers approaching retirement tell us they would like to achieve. What are yours?

Retire early.
Pay off the mortgage.
Have enough income to enjoy life when I retire.
Help my elderly parents.

Talk to us – we can help you achieve them.