Why the self-employed and employed need pensions advice

Many people look forward to the day they can retire. Retirement can be an enjoyable time when retirees find new interests and hobbies, or travel to interesting parts of the world. However, retirement can be a problem if you find your income insufficient for your needs.

Pensions advice from Endeavour Financial Planning will help you plan for a financially comfortable retirement.

The self-employed

According to the last census of the Wirral population in 2011, the average age of Wirral residents was 41. Academic Vivek Wadhwa found that the average age of people starting a business in high growth areas such as software and biotech is 40.

If you are one of our many Wirral self-employed people aged 41 or under running your own business then it is easy to get caught up in the day-to-day business of making money, and not think too much about what seems a long off future time when you retire.

The employed

If you are employed you will probably have been auto-enrolled in your company’s pension scheme. This may give you a false sense that your retirement plans have been entirely taken care of, but you should consider your own circumstances.

If you look carefully at how much pension income you will receive from the combination of a state pension and your company pension, you may find that it is only a small percentage of your salary when employed. For many this is a shock when they realise they may not be able to maintain their accustomed lifestyle.

Now is the right time

Whatever your age, now is the right time to seek pensions advice. If you are young, you may be tempted to put off planning for your retirement because it seems such a long way off.

If you are over 55 and are enrolled on a workplace pensions scheme, you need advice on what to do with your pension lump sum.

What a pensions advisor does

With regards to pensions, a financial advisor will look at your present pension arrangements and suggest investment and savings strategies that will increase your pensions income.

An advisor helps you define your financial goals and how much income you need to maintain your lifestyle. After paying the necessary household bills, most people want to be able to afford some luxuries, to go on regular holidays and run a decent car.

If you have a workplace pension then after the age of 55 you can access these savings. A pension advisor can suggest ways to invest your pension lump sum to maximise your income.

There are many pension options available and making choices can be difficult. Pensions advice enables you to know all your pension choices and helps you create a pension plan tailored to your individual needs.

The first step

The first step towards a comfortable retirement is to book a free, no-obligation discussion with our finance expert at Endeavour Financial Planning who will provide independent pensions advice and help you with your pension options.

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 interest rates and tax legislation.

Posted by Kim
19th June 2017


All blogs and news on Endeavour Financial Planning are for information purposes only and are not intended to provide advice. Please seek the advice of a financial advisor before making any financial decisions.


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