There have been several changes recently in the world of pensions, primarily those that allow people more freedom to invest their pension however they wish. Alongside these changes, the law has altered regarding how financial advisors charge people for their services. The new rules now mean you need to pay upfront for services, reducing the risk of being stuck with inflated bills later.
The changes to payments for services couldn’t have come at a better time because more people need financial advice now than ever before with the extra pensions freedom they have. When thinking about retirement, a little planning can go a long way. By speaking to a specialist you can discuss the options that are open to you and make a more informed decision. You will also reduce the risk of finding yourself involved in any fraudulent schemes.
The first thing you should do when planning ahead for retirement is to determine a target income. This needs to be achievable and provide the security you need to live comfortably. Once you know this target you can determine how much you need to save in order to achieve it.
Recent research from Old Mutual Wealth found that retirees who sought advice from a financial advisor were more likely to have a target income. They also typically had a higher income than those people who didn’t, with the average of £26,000 for those who worked with an advisor compared to £17,500.
Speaking with our financial advisors in Middlesbrough will help people to decide how they will fund their retirement, whether it will be savings, investments, property or a combination of the three. With a qualified expert on your side you can examine the options and make the best choice. We will also help you to manage everything so you can take your money out and reinvest it in other areas if necessary.
If you’re looking for pension planning services and want to work with an experienced specialist, you can find the right services with us. We have a qualified team and many years of experience, helping countless people to prepare for retirement with confidence.