29 July 2016

Smart Money – July and August 2016

Smart Money

Link : Smart Money July and August 2016

‘Will I be able to afford the retirement lifestyle I want?’ is a question that many people ask but struggle to figure out. On page 4, of this month’s issue we consider the ways to assess your likely income in retirement and how much you need to put away now to enjoy the kind of lifestyle you want in later life. Funding a comfortable retirement will be the biggest financial priority for many people, yet some people spend more time planning their holiday than their own retirement – perhaps because planning for retirement seems too complicated to think about?

If you’ve accumulated numerous workplace pensions over the years from different employers, it can be difficult to keep track of how they are performing. The process of bringing all your pensions together is called ‘consolidation’. It is often referred to as a transfer. If you have more than one pension pot, you might want to consider consolidating all of your pots into one for simplicity. You may also benefit from lower charges by doing this. This is something touched on in our Summer 2016 newsletter. Read the full article on page 11.

Deciding what to do with your pension savings is an important step we will all have to take. Following changes introduced in April 2015, on page 8 we look at how you now have more choice and flexibility than ever before over how and when you can take money from your pension pot. These changes give you freedom over how you can use your pension pot(s) if you’re 55 or over and have a pension based on how much has been paid into your pot (a defined contribution scheme).

The full list of the articles featured in this issue appears on page 2.

To discuss any of the articles featured, or your wider financial planning requirements, please contact us at our Swansea office on 01792 483860 or email at info@portfolio.org.uk