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Before you retire

This text is taken from my guide "The Retirement Journey". Read the full text in the original guide

Are your pensions in good shape?

When you retire, your pensions will probably be one of your largest financial assets so it makes sense to make sure they are in good shape. It is no good waiting until you retire before you start planning because by then you may have missed out on some important opportunities. During your working life you will probably have amassed a number of different pensions in addition to your state pension, and there are three easy ways to see if these are in good shape:

  • Make a list of your different pension plans
  • Get a pension check up (MOT)
  • Consider consolidating or transferring your pensions plan to get a better deal

What about your other pensions

There is no time like the present to check that your personal finances are in good shape and to see if there is anything you should be doing to improve your financial situation.

You will probably be in good shape if your mortgage and any outstanding debt is under control, you have sufficient life assurance or income protection and your savings are invested wisely. Don’t panic if everything is not perfect because you or your adviser can do some simple things to get you into good shape.

  • MORTGAGE – Is your mortgage on track to be paid off by the time you retire and do you have a competitive interest rate?
  • OTHER DEBT – If you have excessive amounts of personal debts you should take advice about the best way to manage your borrowings
  • LIFE ASSURANCE – If you or your partner fell under the preverbal bus will there be enough money to repay the mortgage or keep the family finances going?
  • INCOME PROTECTION – If you fell ill and couldn't work, will there be sufficient income to pay the household bills?
  • SAVINGS AND INVESTMENTS – Are you saving enough and are your investments in the best place? ISAs – Are you taking advantage of your ISA allowance?

Get a pension MOT

Better Retirement can help you make sure your pensions are in good shape with a free Pension check up

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If you want to make the most of pension freedoms you should start planning ahead and make sure your financial affairs are in good shape in the years running up to retirement.

William Burrows

William Burrows

Local office
Guildford, Surrey

Call: 07730 435 657

Better Retirement
Head office
Leeds Innovation Centre
103 Clarendon Road
LEEDS, LS2 9DF

If you need help or advice - Contact us

As one of the most respected specialist retirement advisers, William Burrows and Better Retirement will be pleased to help you make the right decisions at any stage of your retirement journey.

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