The value of retirement planning
We all know it’s important to plan for retirement, but many of us are still not planning well, or early enough.
Despite all the media headlines and Government initiatives, many of us still have a ‘tomorrow will do’ attitude. This is worrying for one simple reason – we are going to live longer than most of us think.
Those approaching retirement today have many more opportunities and challenges to face than their parents ever did. There are also many more ways to fund retirement, adding to the confusion about how to best prepare for all your needs.
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Live long and prosper?
Some of us are planning our pensions. But few of us plan for ‘late retirement’. This is a period from our mid-70s and onwards, when our expenses can rise faster than our pension income can keep up with.
This can happen for various reasons. It could be because we need more help around the home or even that we require nursing care. Then there are unexpected expenses like replacing the roof, health care, or financial help for our families.
But these days, it’s just as likely to be because the older generation is leading a more active life through travel, work or leisure.
Getting sound financial advice throughout the different stages of retirement will help identify which products can help you achieve the income you need.
Although it may seem a long way off, making robust financial plans now for late retirement will give you the peace of mind to enjoy your early retirement years – safe in the knowledge that you will be able to live the lifestyle you desire further down the line.
For more information contact our friendly face Mike Black LINK on 01483 266666 or firstname.lastname@example.org
The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested. HM Revenue and Customs practice and the laws relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.
This article is intended to provide a general appreciation of the topic and it is not advice.
For more information please contact Oakwood on 01483 266666 or email email@example.com and we will be happy to assist you.
Article expiry: 05 Apr 2019