There is no doubt the closer we all get to retirement the more our minds focus on what income we will have and where it’s going to come from.
And the strange thing is, just about everyone see retirement as something to look forward to. To have more holidays, spend more time with our families and just do stuff we never got round to when we were busy working.
So the big question for all of us….. “Are we going to have enough saved for a comfortable retirement?”
Where ever you are at, it’s never too late to start doing something about your retirement savings. And of course the closer you are to retirement the greater need to make sure what savings you have are protected as much as they can be. It would be very disappointing to put it mildly if the value of your retirement savings fell dramatically just before you retired.
So it’s really important to make sure you are not exposed to too much risk especially in the current economic climate.
When you do finally retire, you can usually take 25% of your retirement savings as a Tax Free Lump Sum. This can be very useful in producing additional income in retirement, which if done correctly can be tax free and also allowing you to retain the lump sum.
Whatever your retirement savings situation, don’t delay taking action. The more time you have to do something about your situation the less painful it’s likely to be. There is a limit to what can be done if action needs to be taken right at the point of retirement.
Take away point: Think about what it is that you want in retirement and what it is going cost. Once you know the answer to this question, working out what you need to do is a great deal easier.
To get the best value for your investments and savings, we recommended that seek professional advice from a qualified financial adviser.
Contact Martin Dodd on 01902 742221 or email him at [email protected] if you would like talk about money issues.
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