Will you be relishing your future retirement, whenever it is due?
The latest survey from Aegon discovered that whilst people continued to possess positive aspirations for retirement, there is nevertheless a shortage of confidence that retirement would really deliver.
Plan carefully though and you could address all your future concerns and make sure you are prepared to have a happy and rewarding retirement. Below, we examine a few of the most typical retirement worries and the way they may be mitigated by keeping an eye on detail.
1 – Am I going to have sufficient funds to last through my retirement?
The best quality financial advice and meticulous planning is key here, particularly considering the far-reaching Pensions Reforms that will be in place from 6th April. Having far more control of your pension suggests you have rather more serious choices to make. New retirees are confronted with a large number of choices already, often having numerous pension plans to sort and possible circumstances to plan for. Not every pension provider intends to adopt the latest flexibility and transferring to new plans can take weeks, so carefully working out what you have along with what you want to do is essential.
2 – Suppose my health falters?
Your state of health is vital to having a high quality of life. Health insurance often gives some reassurance, but selecting the wrong one may prove costly. Research conducted recently discovered that 25 percent of us will need care later in life the cost of which is often huge (10 % of people will incur fees above £100k). The Government’s latest care capping legislation for 2016 will have a direct impact also. Planning and preparing for the worst while having the best of your retirement is wise and extremely possible.
3 – Am I going to become bored and lonely?
Retirement needs to be the time we get to accomplish things we’ve always dreamed about, however if you haven’t chosen a ‘bucket list’ and therefore are concerned about stagnating en what should be your leisure days, why don’t you give up work a bit at a time, reducing hours to part-time while you steadily accustom yourself to things? A lot of retirees prefer this strategy because it keeps them physically and mentally active, they still feel valuable and also the earnings are always helpful for all those upcoming plans!
4 – I could be conned out of my money
One of the most significant changes to the pensions business in a generation has regrettably produced numerous opportunists trying to con savers. A greater volume of unregulated investment companies are pursuing people aged 55 + and their recently free retirement savings. The professionals earning high incomes, you might be surprised to know, are the ones who fall victim most often. Always be sure that the firm you’re working with is governed by the FCA and contact the regulator directly should you be unsure.
5 – The Unpredicted
Everybody worries about the unknown and no matter how prudent we are and amount of preparation we do, we simply cannot plan for all circumstance. The latest financial meltdown, for instance, damaged the confidence of a lot of people. Your only sensible approach would be to ensure that your investments have a balance of risk suitable with your own strategy. Getting your finances in order and finding somebody to rely on for financial advice in trying times is invaluable.