How much is enough?

How much is enough?

We advise many people about their pensions and investments who are coming up to retirement. It should be an exciting time, as they prepare to leave the stresses and strains of their work behind and start making plans for a more indulgent and relaxing stage of their lives.

But what we actually see at that time is a lot of worry and anxiety. Regardless of their wealth, most people are worried about where their income is going to come from and whether they will have enough.

The proposed changes in the budget are fantastic in offering more flexibility in how you can draw your pension savings, even with the ability to draw them in full, although I know for some people the responsibility of managing that money could be overwhelming. That’s where taking advice from a independent financial planner will be vital.

At Professional Financial Centre, we look at how much money clients are likely to need in order to have a secure and comfortable retirement for the rest of their lives, taking into account everything they want to achieve. Then we examine their income from pensions and investments, what they can take out of their capital and look for opportunities to reduce the tax they pay, including their exposure to inheritance tax.

Sometimes they have to make compromises and sometimes it means they can afford to do more than they thought. Either way, they know exactly where they are financially and can start to enjoy their retirement.

If you are in the same position and would like to know more, please get in touch.

Daniel.Smith@pfcem.co.uk www.pfceastmidlands.co.uk