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Don’t be afraid of your finances

Halloween 2023 is here! It’s the spookiest time of year, a chance to watch all those scary movies and eat the sweeties the trick-or-treaters leave behind. And whilst this is usually the season for scary surprises, there is one thing that should never be considered to be scary…

We are, of course, talking about your retirement finances.

That said, evidence suggests that Britons could be feeling a little bit of pension fear. Indeed, our own research revealed that only 31% of UK adults with a pension feel confident that they can retire with enough money to achieve their retirement dreams.

Luckily, your friends at My Pension Expert are here to help you realise that pensions aren’t scary at all. In fact, planning for retirement can even be fun!

No tricks, but a few treats!

It’s a long-held assumption that pensions are scary, confusing, boring, and too difficult to manage. As a result, many of us simply ignore pensions entirely right up until we realise that retirement is just around the corner. As a result, they can miss out on the fun of actually planning their retirement!

Yes, you heard right! Pension planning is an exciting opportunity to plan for a time when you’re no longer restricted by the regular 9-5. Whether you’re choosing to wind down gradually or completely stop work altogether, the key is developing a plan for how retirement can work for you.

What can you see in your Crystal Ball?

When you know that pensions aren’t scary, you can start thinking about how you want to spend your retirement. Do you want to go all out and book that cruise of a lifetime, or are you content with visiting a restaurant a few times a week?

By knowing what you want to do, you can work out how much money you will need compared to what you already have saved. In most cases, this might involve a quick inventory of your current pension savings and investments to understand exactly how much wealth you have. For some, this might involve double-checking you’ve not lost track of any old workplace pensions. Luckily, the government’s pension tracker is available to give you a helping hand.

It’s also important to consider what matters the most to you when it comes to managing your money. Do you value flexibility so you can pick and choose how much money you want to withdraw when you choose? Do you think your pension fund could benefit from taking on a higher risk (if you feel comfortable with the prospect of potential loss)? Or do you think a bit more security would better suit you?

There are many options that can help you break through any retirement-related worries! The next stage is helping you find the right option for you.

Tools at your disposal

‘But how do I choose what’s right for me?’ I hear you howl at the moon. Deciding on what’s best for your money needn’t be a chore. Using guidance can help you to understand the basics of what the different products could help you achieve.

Financial advisors like us here at My Pension Expert know that everyone is different and have completely different ambitions for retirement. That’s why our advisers take into account everything from your future goals, current financial circumstances, and how you feel about risk in your retirement plan. From there, they will make tailored recommendations to help you achieve the retirement you want.  

Pension planning isn’t the scary ghost that haunts you as you approach retirement. It’s an exciting point where you can finally plan for a time completely dedicated to what you enjoy! The key is to ensure you take time to consider how you want to spend retirement, consider how much you have saved, and seek advice where possible. In doing so, planning for retirement won’t feel like you’re wandering around a haunted house!