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Near retirement or making preparations for it? Here's what you should consider!

Published date : 08 March, 2021

Worried about your pension? Get in touch today.

There have been some drastic changes to the market recently that have left many people with questions about their pension assets, such as:

  • How does Brexit affect my pension?
  • What impact has coronavirus had on retirement plans?
  • I'm planning to retire, but the market has become volatile; what should I do?

For answers to these questions and more, and guidance for your pension plans, get in touch today. Perth Mortgage Center will talk you through it all; no jargon or complicated discussions, just a friendly chat and advice you can rely on.

If you are planning on retiring, depending on your circumstances, there are several things you can consider.

You can take it slow 

There are so many more options available to retirees today than there have been since pension freedoms were first introduced. Rather than a sudden change to your circumstances, planning ahead allows you to take a more gradual journey into the next phase of your life.

Making use of the flexibility many pensions plans offer and how you draw out your funds can be a great help in times of uncertainty.

If you're not planning on retiring for about 5+ years, your savings still have time to recover from the recent upheaval in the market, but there are some actions you can take if you're uncertain.

Review your retirement age

If you are retiring relatively soon (such as in the next year or two) and your nest egg has been impacted, one option some can take is delaying retirement until their pensions have had time to recover. However, we know this is not an option for everybody; if you're unsure, give us a call.

Increasing your contributions into your pension

If possible to do so, putting more money into your pension over the next few years can help your funds recover in the short term and make you that extra bit prepared when retirement comes.

Come and talk to us about alternative funds and plans available

 Many investment funds and pensions are designed to lock in investment growth as you approach your retirement, so there may be an option to switch to less risky assets. While not suitable for all, we can review your circumstances and help you decide on the best courses of action.

Don't make any rash decisions

One of the biggest pieces of advice we can offer is to take your time to get the proper guidance and do the appropriate research, avoiding any spur of the moment decision that could significantly impact your pension and funds.

We are always here to talk everything over with you, discuss how your retirement may have been impacted by the current events and offer you professional guidance on how to get to a place you feel you can retire happily.

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