Andrew Stuart & Company Limited
pension, Financial advisers
Retirement- Your longest holiday or your longest term of unemployment?
Saving for your retirement is an expensive business. Some insurers state that the level of funding for retirement by many people is very inadequate, possibly resulting in a significant drop in their standard of living when they retire. The government have calculated that the cost of funding the state and private pension scheme will cost a staggering £7.1 trillion. This level is not sustainable meaning more people will have to become reliant on their own personal pension.
Generally people think that because the level of funding they might get from a pension is so small, they dont bother with one at all and see a pension as a waste of money!
Unfortunately, many of these people haven’t had the right guidance and pension advice to prevent an underperforming pension fund and so many people leave it until the last minute when it may be too late to maximise their pension fund.
When you consider that people are living longer these days, you could spend around one third of your life in retirement, so it’s extremely important to have an effective retirement plan in place.
Many people have poor performing pensions simply because they dont like the idea of change. If something is performing poorly, dont settle for it and hope that something will happen.
Why is my pension fund underperforming?
There are many reasons why the fund within your pension is not growing as it should be. The most common reason is that people do not receive sound pension advice or undertake regular reviews with an independent financial adviser.
If you haven’t reviewed your pension in a long time, you need to ask yourself:
Are you paying high plan and provider charges?
Are you saving enough money into your pension compared with how long you have left until you retire?
Do you know how much you require in retirement to live comfortably?
What is the asset mix of your pension fund and does this match your current attitude to investment risk & volatility?
Is your pension fund managed by the original fund manager or has the fund manager changed since the plan inception?
Is the type of pension you have suitable for your needs and circumstances?
Has a change in pension legislation affected your pension?
How can our pension advice help to maximise your pension?
The first part of the pension advice process is to identify your retirement goals and get a picture of your ideal lifestyle in retirement. We will then calculate how much income you need to achieve that lifestyle. We will however be realistic with you and not create false hopes. We will be honest with you at all times.
We will carry out a full audit of your existing pensions with the aim of answering as many of the above questions as possible. This will enable us to get a picture of where you are now and how we can help to improve your pension fund if necessary.
After creating a retirement plan for you, we highly recommend that you review your plan with us on a regular basis, at least once a year. At a review, we will make sure you are on the right track to achieve your goals and what adjustments if any you need to make to your pension plans.
Call us now for an intial retirement solutions consultation without charge.
Whatever your age, doing something to save for retirement is better than doing nothing. If you already have a pension plan, is it performing how it should? Could it do better? Please get in touch for Honest Effective Life Planning.