Could Your Retirement Be Closer or Further Away Than Expected?
Are you ready to retire or have been considering retirement within the next few years?
Pensions are now more flexible than ever, enabling you to access your benefits from age 55. However, you shouldn’t access your pension money too early. Doing so could potentially create serious financial difficulty for yourself in the future.
Giliker Flynn Independent Wealth Management is a chartered financial planning firm based in Newcastle Under Lyme, Staffordshire. We offer professional independent financial advice in areas such as pensions and retirement, investment and wealth cultivation, and tax efficiency. We are fully authorised and regulated by the Financial Conduct Authority (FCA).
Using our services gives you the benefit of our extensive experience. Although you may have done some of your own research, it is likely that you won’t be aware of all the different ways you can access your pension benefits – whether before retirement, at the inception of retirement, or throughout your retirement years.
Insight From Our Directors
Chris Flynn, one of the advisers and directors at Giliker Flynn, explained:
“We see a range of clients in different circumstances, with different pension values. Some are looking for help with retiring, and others are looking for help in understanding what they need to do to allow them to retire when they want to. Commonly, people are surprised by the options available to them, and we see more and more people accessing pension benefits earlier than the normal retirement date stated on their plan.”
“I think people are now more aware of the importance of a work-life balance, and want to do things they have always wanted to do in retirement like cruises, whilst they are fit and well enough to do so and really enjoy life. It is however critical that decisions are made having received professional advice, to ensure you don’t commit to something that you will regret further down the line, or put yourself into financial difficulty. “
Frances Giliker, another adviser and director at Giliker Flynn, also added:
“I’m often surprised by people’s attitudes towards their money within a pension plan. Some people tend to be a little more laid back or nonchalant about funds within a pension, with the view that they will just sort their money out at retirement. However, I’m sure they would have a completely different mindset if these large sums of money were sat in their current account.”
“Unless it’s a defined benefit pension plan that will pay a guaranteed level of income at retirement, the money is invested. Therefore the value is not secure and can go up and down based on investment performance.”
“It is a really good idea to understand how your money is invested and ensure you are not exposed to more risk than you can afford. This is especially important as you move closer to your planned retirement age, as it may be unrealistic to recover investment losses in time. This could then impact your affordability to retire. At the same time if you are some way off your planned retirement age, is your money exposed to sufficient risk to provide you with sufficient growth potential?”
Pension Advice in Stoke-On-Trent
All new enquiries at Giliker Flynn Independent Wealth are dealt with via a free initial consultation. We offer both a face-to-face service at our offices in Newcastle Under Lyme and the ability to deal with clients over the phone or video call. Regardless of the interaction method, we aim to build close, long-lasting relationships with our clients, ensuring you are never left in the dark.
You may already have a significant pension pot that is held either under one plan or across several plans. For example, you may have previous employment pension schemes that are no longer having contributions paid into them. You will likely have no guarantee of what your pension plan will be worth at retirement or the level of income that it can provide you with.
Therefore it is beneficial to have a free consultation to review how your pension money is invested, and the investment risk to your money is exposed. Recommendations can be made as to whether any changes are necessary, and at the very least you can have peace of mind that your existing pension plans are suitable to meet your objectives.
Giliker Flynn can ensure you have a clear understanding of what these options are, and which option is likely to be the most suitable for you.
To speak with an experienced pension advisor in Newcastle Under Lyme and book your free initial consultation call 01782 840590 or use the contact form on our site today