What you can expect from a pensions advisor?
No matter how young you are, it’s never too early to start saving for a pension. With a variety of saving options available, a pensions advisor can help you choose the best saving plan for your individual requirements.
Life expectancy
According to figures by Wirral Council, the average life expectancy is the area is 78 for men and 82 for women. Over the last 10 years, life expectancy has grown each year. If the trend continues, then the life expectancy for today’s millennials (people born between 1982 and 2002) may head somewhere between 90 and 100.
If you are a Wirral resident who plans to retire at aged 65 and dies 20 years later aged 85, you need to have pension savings that will provide an income for this 20-year period. A pensions advisor will discuss all the available choices so that you can have enough to live on throughout the retirement years.
Start early
Obviously, the earlier you start saving for a pension, the more you will be able to save. If you are young, talk to a pensions advisor now to explore all your pension options.
Not just the minimum
When people retire they will be entitled to receive a state pension, plus any savings from a workplace pensions scheme. Just because you are enrolled in a workplace pensions scheme, this doesn’t mean that you will be able to maintain your current lifestyle when you retire. The government pension regulations stipulate a minimum workplace pension contribution from yourself and your employer, but only paying the minimum amount could mean that you will receive a small percentage of your final salary when you retire.
A pension advisor will be able to offer you several ways to top up your pensions savings.
Investment options
A pensions advisor will discuss all your options, which starts with creating a goal of how much income you need each month when you retire. A plan is created to achieve this retirement target.
The advisor could suggest contributing more than the minimum amount to a workplace pension.
The advisor will discuss how paying a regular amount to investments can top up your pension pot. Investments can include ISAs, stocks, investment funds, bonds and equities. Some investments carry a degree of risk, but potentially create higher returns. The pensions advisor will talk to you about the level of risk you are happy with.
Self-employed
If you are self-employed or run your own business, you are not compelled to join a workplace pension scheme, but you can enrol in a private pension scheme. Your pensions advisor will discuss the best pension products for your situation.
More than pensions advice
Although you may want to primarily discuss retirement planning, it helps to choose a pensions advisor who is also an expert in other areas, such as tax planning and family estate management.
Talk to an independent financial advisor at Wirral-based Endeavour Financial Planning about pensions planning and ways in which your wealth can be protected and grow.
A PENSION IS A LONG TERM INVESTMENT. THE FUND VALUE MAY FLUCTUATE AND CAN GO DOWN. YOUR EVENTUAL INCOME MAY DEPEND UPON THE SIZE OF THE FUND AT RETIREMENT, FUTURE INTERESTS AND TAX LEGISLATION.
INVESTMENTS – THE VALUE OF UNITS CAN FALL AS WELL AS RISE, AND YOU MAY NOT GET BACK ALL YOUR ORIGINAL INVESTMENT.
ESTATE AND TAX PLANNING ADVICE ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.
