As with any long-term plan, financial or not, it is good practice to regularly review your plan to ensure it is still the best option for getting the best results. This is especially true when it comes to pension planning, reviewing your pension will help you monitor the performance of your pension plan and make amendments accordingly.
If like many people, you have not reviewed your pensions since they were set up or for some considerable time, it may be time for a pension review. To ensure you have the best pension planning strategies in place, it is advisable to seek independent financial advice that is tailored to your unique personal circumstance and financial goals. Our recommended financial advisers provide pension advice in Lincoln and can help you review your pensions, track lost pensions and devise a pension plan that is best suited to you.
Benefits of reviewing your pension?
As people are living longer, our pensions have to work harder than the pensions of our parents and grandparents. It is not uncommon for retirement to last for 30 years, meaning our pensions must provide an income for a longer period of time. To ensure you are getting the most from your pensions and are making use of all available options and freedoms it is imperative to regularly review your pensions.
It has never been more important to not rely on your State Pension as your sole retirement income, at its fullest amount the New State Pension is currently £159.55 per week which is unlikely to be enough income for a comfortable retirement. It is good practice to treat your State Pension as a top-up to your private or workplace pensions.
Working with an independent financial adviser to perform regular pension reviews will help you understand your current position and the action that needs to be taken to ensure you have a financially secure retirement and can live the lifestyle you want in your later years. A pension review may also help you trace pensions you have lost track of such as workplace pensions with an ex-employer.
Undertaking a pension review will give you the peace of mind that your pensions are working as hard as you are, so you can enjoy a good income in retirement and live comfortably in your later years. Pension planning often begins as soon as we start our working life and what was a good solution some years ago, may not be so favourable now, a pension review will help you identify what is working for you and what other solutions are available.
Is it time for a pension review?
To help you determine whether it could be time to review your pension, ask yourself the following questions:
- What charges you are paying for your pension?
- What investment returns are you receiving from your pension?
- How much retirement income will your pension generate?
- Have you reviewed your pension in the last 5 years?
- What age will you retire or be able to afford to retire?
If you are looking for independent pension advice in Lincoln and the surrounding areas, we can help you find the right pension adviser to help you with all aspects of pension planning and reviewing to ensure you have the most effective and efficient strategies in place.
At Pensionadvice.org we can help you find a registered financial adviser for pension advice in Lincoln. All of the financial advisers we recommend offer bespoke financial advice that is tailored to your unique personal circumstances.