If you're thinking of the steps you need to take to ensure you have a successful retirement plan, you're not on your own.
Many of us put off thinking about how we are going to deal with our finances during our retirement, but it pays to look at what income you will have once you stop working and you're reliant on your accumulated pension pots.
Starting point
Guidance and support are essential when planning for retirement. Whether you carry out your own research, or you seek the assistance of an independent financial adviser, it is important to determine your current position, because you need a starting point from which to put a plan together.
The number of years you have until retirement will determine the flexibility of the action plan that can be put into place, and the suitability of products and investments you can and should consider.
The earlier you plan the better off you will be, and you may have the opportunity to use the flexibility of a self-invested personal pension (SIPP) to consolidate, accumulate and diversify your approach to help achieve your ultimate retirement goals.
Consider flexibility
If you are close to your retirement, you need to consider the flexibility you want when you're no longer working. If you have already accrued a reasonable size pension pot you may which to draw down from that and again a SIPP may give you the flexibility you are seeking. However, you may just want certainty until the day you die and while rates are great, an annuity purchase may be something for you to consider.
The question is, do you know what you want? If the answer is 'no', then start your investigation into your options today so you are at least prepared and in control of your destiny.
Carey Pensions UK is an independent pensions provider, both onshore and offshore, and can provide administration and trustee services for pensions for individuals, partners, families, groups or companies.
Originally published by Business Reporter on 23 September 2012.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
