As we discussed earlier this month, the latest OECD report suggests that the UK’s state pension is among the least generous in the world.
While the study made for both alarming and disappointing reading, our Leeds-based financial advisers are always keen to help individuals with their retirement plans.
Following on from this, today the Heritage Wealth Solutions team are outlining the steps that you should take for true pension freedom:
The changes that were introduced in April have given people more retirement options. Though this is not necessarily a bad thing, it can be the cause of some confusion. We therefore recommend taking a step back and assessing how much state, private and works pension you are on track to receive. It is worth looking into other income streams too.
By asking the right questions and getting quotes from a selection of providers you could significantly boost your overall pension. Disclosing all health and lifestyle issues, for instance, often secures a greater income. Due to them having a shorter life expectancy, this has even been applied to smokers.
Taking the time to work out a realistic household budget will ensure that you have the necessary funds available. Analysing this in advance also allows you to think ahead. Are your debts likely to be paid off by the time you retire? What about the mortgage?
If you are based in Leeds, Wakefield or the remainder of West Yorkshire and want more information on any of the above, please do feel free to get in touch with one of our financial planners today.
Having advised a number of local retirees over the years, we would love to create a plan that works for the individual needs of you and your family.
To speak to someone from our Morley office, please either call 0113 350 2080 or email email@example.com.