Age UK reiterates deVere advice to seek regular retirement planning reviews
Age UK, the charity, released a report yesterday entitled ‘Financial Resilience in Later Life’, echoing what us at deVere Group and other industry professionals have been saying for years: that pre-retirees and those already in retirement need to have regular ‘financial MOTs’ in order to enjoy their desired lifestyle throughout retirement.
As we’re all living longer – with the very real possibility of retirement for the first time in history lasting for four decades – low interest and annuities, ongoing tax changes, constant tweaking of the pensions system, reducing support from the State, and living, care and medical costs rising, amongst other factors, it’s more important than ever to have a sound yet flexible retirement strategy in place as early as possible in your working life and beyond.
The role of the independent financial adviser is, therefore, becoming more crucial than ever and retirement planning will form an even more integral part of what we do.
At deVere Group, our principal aim is to make sure our clients reach their long-term financial goals. Part of this involves ensuring our clients are aware of the consequences of failing to adequately plan for retirement, and the lifestyle compromises that may result. And this is a responsibility we take very seriously.
The days when building up just one pension plan and/or relying on the State are gone. Today, individuals need retirement income from a variety of sources/income streams, such as diversified investments, ISAs and property, so these can be drawn upon depending on the individual’s circumstances at a given point in retirement.
As such, due to the factors and complexities set out above, frequently re-assessing and reviewing your retirement plans is paramount, to ensure financial security in later life. This is what the influential Age UK report stresses and what we share with our clients.
With so many evolving elements and a constantly changing dynamic with regards to pensions, Age UK’s report encouraging people to have frequent financial MOTs must therefore be welcomed.
Nigel Green deVere Group
Written 27th June