As we look on mainstream and social media, we see more and more articles, posts and adverts suggesting that your UK pension, if you have one, is in grave danger. In this situation I must quote the late, great Douglas Adams, author of The Hitchhiker’s Guide to the Galaxy, DON’T PANIC!
It is undoubtedly true that we are living in extraordinary times, and that many businesses are under tremendous strain as a consequence, with some deferring action to repair the deficits in their pension schemes, but that does not mean that all pensions are at great risk.
The key to having the retirement you hope for has not changed: Assess, Plan, Execute and Review – in other words.
Assess your current position
Work out what your income needs will be in retirement
- When will you retire?
- Where will you be?
- What will you do?
- Will you need lump sums to buy a house, car, etc.?
- Will you have any lump sum spending plans, etc. to meet before retirement?
Review what your current pensions and other Pensions are likely to provide you with.
Plan to achieve your retirement goals
- What is the optimum way for you to manage your pensions and investments?
- Is this cost effective?
- If you will need more money can you afford to save – how much and what will this do?
Execute your chosen solution
- Assess your options, decide on your chosen course of action and do it
- Remember the cost of delay is high
Review to ensure you remain on track
- Your current circumstances and your goals will evolve over time, so you need to ensure that your plans evolve too
- The world changes, we all know that only too well since Covid-19 came into our lives, and your plans need to adapt to change
I have spoken with many people who ask me about their retirement when I explain these steps, and the most common response is “How am I going to do all that, I wouldn’t know where to start”.
The good news is, you don’t have to do it alone. AAM Global Wealth Structuring have developed a comprehensive UK pension audit report which will assess your needs and current position using sophisticated analysis tools and cash flow modelling, develop a Plan to achieve your retirement goals which is then followed by Annual Pension Reviews to ensure you remain on track. All you have to do is decide what you want to do.
So, what should you do now?
It is important that you understand these issues and how they may affect you, to ensure you plan for the retirement you want.
It is vital that you seek advice from a fully qualified specialist.
AAM Global Wealth Structuring can provide you with a detailed UK Pension Audit, which will consider these issues in light of your needs, goals and circumstances and make a recommendation showing the right course of action for you to achieve the best retirement outcome.
Why you should have an AAM Wealth Solutions UK pension audit now.
Every AAM UK pension audit is checked by a specialist team led by a Chartered Financial Planner with over 20 years of experience in the provision of retirement planning advice.
You will always receive a full recommendation on your Optimum Pension, whether that is the pensions(s) you already have or an alternative.
An AAM UK pension audit will put you in an informed position, able to make informed choices about your Optimum Pension and how best to secure your perfect retirement.
Contact your AAM Wealth Manager now to arrange your UK Pension Audit or email [email protected]
Op-ed piece by Ian Black
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