Approaching Retirement?

If you are approaching retirement, you’ll want to take stock of what you can expect to receive in pensions. If you haven’t received a State Pension forecast, ask for one by visiting gov.uk/check-state-pension. Investigate any other workplace or private pensions that you have. Many pension plans offer tax-free lump sums at retirement, but you must consider the pros and cons carefully. Concerning any pension provided, is this the best you could receive?   If you have an occupational money purchase pension or personal pension and you smoke or have ill health, it would qualify you for an enhanced pension annuity.  

Maximise the returns on your savings and investments. The ISA subscription limit is now £20,000 each per tax year. Remember, you can switch ISAs freely between companies to potentially gain a better rate of return.  

Complete a budget for life in retirement. You may be able to reduce your outgoings and boost your retirement income. Many people pay their household bills without considering the actual costs. Savings could be made by switching utility suppliers, considering a water meter, or becoming a more ‘savvy ‘shopper.

A helpful site to visit is www.moneyhelper.org.uk, which covers various financial subjects. The pensions and retirement area covers topics ranging from pension basics to State Pensions and everything in between.