5 Years to Retirement
YOUR OUTSTANDING COMMITMENTS
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If you still have a mortgage to consider, or any other debts (e.g. credit card), you should be carefully prioritising the reduction of their balance as much as possible.
YOUR UP-TO-DATE FIGURES
Illustrations of projected benefits at retirement should again be requested for all of your pension arrangements. These will almost certainly have changed from any previous figures attained, and will assist you in seeing your position more accurately with regard to the desired retirement outcomes. You can utilise the Pension Tracing Service to help track down any pension pots that you believe you may have, but are unsure of their whereabouts.
YOUR INVESTMEN
TS
Any investments held need to be looked at regularly to see if you are optimising the performance provided. The potential for loss is a real possibility with many forms of investment. Decreasing the risk you are exposed to is a very important part of your planning, particularly at this stage. This is also important for your pension pots and the funds they are invested in.
YOUR OPTIONS
There are several ways of accessing your retirement benefits, and you should start to consider these to find the best way for your personal circumstances. Funds can be used to purchase an annuity (income for life and potential for tax-free lump sum at retirement). There are other means that should be looked into also though, such as the drawdown option and enhanced annuities.
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
