Grand National - The race to retirement?
The Grand National is one the UK’s biggest sporting events of the year offering the race winner a huge prize fund of £1,000,000. It has an estimated 500 million viewers with many who don’t normally bet or watch racing events. The course sees jockey and horse jump two laps of 16 fences followed by a high adrenaline packed run-in to the finish.
In much the same way as the infamous steeplechase, saving for later life poses many hurdles that savers need to overcome in order to ensure they are in the best position at the point of accessing their benefits. Similarly, savers often sprint toward retirement with clear ideas about how they’d like to use their benefits, but it doesn’t have to be such a fast paced race.
The options that are available to you in retirement will depend on your personal circumstances, the type of pension (s) you have and your scheme’s rules. Some want quick access to cash, others more long term financial stability and many aren’t even sure of what they can do with their benefits.
If you’re riding ahead you might want to slow the pace and get some guidance on all of your options. Decisions about your pension are important and not something you should rush, particularly if you decide to opt for a financial product that you can’t retract on. The free Government Service Pension Wise is ideal for those aged 50 or above with defined contribution pensions who want to find out more about what they can do with their pension benefits. The service will talk you through all of the options available to you and provide you with any appropriate next steps. Alternatively, if you’ve got more than one type of pension you can always use our service to ask about what you might need to think about in the run up to retirement and what different pensions may provide.
On the other hand, if you’re finding it difficult to get out of the gates and think about your pension provision, don’t worry you’re not alone. Pensions can be complicated and hard to consider but our service is set up specifically to help you throughout your whole life, no matter what stage of the retirement process you’re in. We can help with the very basic to the very complex and are always happy to talk pensions. For us no question is too big or too small.
So, don’t fall at the first fence and think further about how you can make your pension work for you and what your options are at retirement. If you’d like to talk to us about your pension options please contact us on 0300 123 1047 or if you’d like to find out more about Pension Wise and book an appointment please click here.