Political uncertainty, conflicting information, a crowded market and biased advice can make it difficult to make a decision about your pension.
And with the focus for so many years being on paying off mortgages, supporting family and saving for a rainy day, making the move to ‘cash in’ your pension is not only intimidating but confusing too!
Why not give one of our friendly Retirement Technicians a call today free on 0800 6899 335.
But waiting to make retirement plans could actually cost you money.
If retirement is a real prospect for you and you’re counting down the days to your third age, one where you dictate the routine of each and every day, then we recommend seeking advice now and being aware of the consequences delays can have.
Mrs Potter, 70, waited five years after she retired to find the right solution for her pension. This delay cost her over £21,500 – to recuperate that money back would require Mrs Potter living another 48 years!
And, Mr Vesey, 58, took seven years to decide what to do with his pension after retirement and missed out on a further £16,000 that he could have enjoyed in his pension pot.
At My Pension Expert, we don’t want to alarm anyone but we do want you to understand your options and find the right solution – we offer independent advice on choosing the right product to fit your personal circumstances.
Having helped over 10,000 customers find the right pension outcome we understand the difficulties those about to retire face.
So, we’ve prepared a step-by-step guide:
Step 1: Make plans before you retire
Before your regular income stops, start researching the impact retirement will have on you. There are lots of different products available and when it comes to pension income options one size definitely doesn’t fit all (can we add a link in here about different types of pension products?)
Step 2: Know the type of pension you have and its value.
Understand the type of pension you have and ensure you have all the information you need from your existing and previous employers. It may seem obvious, but before you retire, take the time to speak to your manager or HR contact, to get the details of the pension you’ve been paying into over the years, along with the policy number and contact information.
Step 3: Don’t forget your state pension.
You can find how much you can get and when, directly from the government.
Step 4: Plan your retirement budget
Think about your outgoings and how much money you will need to maintain your lifestyle comfortably. You can do this online using this very helpful Money Advice Service tool.
Step 5: Explore your options
Armed with a good grasp on where you stand, now it’s time to shop around, this is where we can help you understand the market and find the most appropriate path for your pension.
Step 6: Seek advice which considers all your personal circumstances
Health, wealth and lifestyle, as well as your plans for the future, will help determine the best product and provider that delivers the maximum retirement income tailored to your individual circumstances.
And finally, remember the pension freedoms, introduced in 2015, mean you can do anything you like with your pension pot. There are many options available for retirement and some will be more suitable than others, so it’s incredibly important to shop around. And sooner rather than later!
Why not give one of our friendly Retirement Technicians a call today free on 0800 6899 335.