Why You Should Seek Financial Advice Before Retirement
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A major study of retirees showed that those who sought financial advice prior to retirement benefited by an additional £7,000 per year during retirement on average.
Retirement preparation is no longer a matter of investing in a pension as best as you can, and instead getting a monthly salary that continues until death.
Owing to the new pension legislation implemented four years ago, more people will choose when and how they spend their pension pot at age 55 – and more people want to stay involved and still choose to accumulate in it.
If you invest in a pension plan that will pay you a salary-based benefit after you retire, you will most likely be investing in a plan that will provide you with a sum of money your final pension total.
If that is the case, when you finally retire, you will have to be very careful on how to decide how to use your retirement pot income to live on.
There are lots of solutions available, some more complicated than others, so it's not easy to know which one is right for you.
But even before you get to that point, there are tough questions for which you may need support, when you can afford to retire?
Will you need to get all your savings funds together? What will be your Government Pension be?
So you can see while all this new adaptability sounds great, however, it also implies that ordinary individuals must settle for troubling money-related decisions, so more savers should seek competent financial advice to tailor their retirement planning to suit them.
And the stats back this information up.
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