Retirement Planning

The maximum basic State Pension is currently £107.45 per week (this might change to a flat rate in 2017), if you are entitled to additional state benefits – a good financial adviser will be able to advise whether you are and if so by how much – e.g. you need a contribution history of 30 years which will change to 35 years in future to secure maximum benefits.

Back to the ‘exam question’ Will the State Pension be enough to live on in retirement?’ In most cases the answer will be a resounding No! Even if the mortgage is paid back and the kids have left home – the State Pension is no more than a poverty level income.

If all you have to look forward to is a State Pension – you should consider your options. A good starting point is to establish how much income you would need to provide the standard of living you require – then compare it with your likely income from existing arrangements, if there is a gap you might need professional help in putting a plan together that will ‘bridge the gap’.

Advice in this area is seldom straightforward because every individual is different, has priorities that differ and existing income and expenditure that impact on the possible solutions. My job is to simplify the situation and direct you towards a solution that works.

You need to employ as much help as possible to make the choice easier using tax breaks, investment performance and regular contributions – speak to an Independent Financial Adviser that specialises in this area of planning.

Delivering Simple Financial Advice – That Really Works.

Send me a message or request a meeting on eamonn.dorling@ntlworld.com  or mobile: 07767 795816