10 Years to Retirement
YOUR STATE BENEFITS
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Find out how much money will be paid to you by the Government at the state pension age. This is currently 65, but will be increasing over the coming years. You can use the official State Pension Age calculator to check. A State Pension Forecast can also be done online. Both of these can be accessed via the ‘Pensions and retirement planning’ section at www.direct.gov.uk. If you are not currently in line to receive the full state pension, you may wish to increase your National Insurance contributions in order to receive it in full.
YOUR EXISTING POTS
All pensions held through previous employers or schemes should be utilised. Take time to review your arrangements, and ascertain where each ‘pot’ is held. When you have established this, each provider should be contacted for an up-to-date value and an illustration of projected retirement benefits. Be aware of any plans held which have a different Normal Retirement Date written into them to that which you have selected.
YOUR NEEDS
Work out what your desired income would be. When calculating this, take into account living/transport costs and outstanding debts, as well as everything you would like to be able to do (e.g. holidays). Many years could be spent in retirement, so the effects of inflation and financial legislation will almost certainly need to be factored in.
YOUR SHORTFALL
There will probably be a difference between your desired outcome and the projected figures. If so, you will need to carefully consider your options in order to increase your retirement income so it is closer to your target. As you have up to 10 years until retirement at this stage, effective planning with regard to your pension contributions, savings, assets (e.g. property) and your working life will prove invaluable in achieving your goals.
YOUR INVESTMENTS
Investments can be instrumental when planning for retirement. There are many different forms and these should be reviewed to find those that suit your openness to risk and needs.
Want to take the ‘tire’ out of retirement? Need help with any of the above?
Contact one of our experienced, knowledgeable and friendly advisers for a chat:
Mark Barr APFS, Daryl Franklin Cert PFS or Davina Olson Dip PFS on 01473 408422 or ifa@wmibl.co.uk
