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Planning for retirement

Retirement income isn’t something you should only think about on the day you’re handed a carriage clock. Business & Management looks at the personal wealth planning themes FDs should consider to ensure a comfortable post-career life.

Are you on track for a comfortable and secure retirement? It’s a deceptively simple question, and it’s especially easy to put off answering it. There is no bad time to dust off your pension policies and investment plans to see whether you will be able to enjoy the Riviera lifestyle or be eating cold baked beans in a tent in your later years. When you’re enjoying your evening or weekend, glass of wine in hand, it’s tempting to believe you’re automatically going to have the former rather than the latter because of your finance experience and the funds you’ve put aside to date.

But retirement planning was never straightforward, and it’s a process that should be engaged with in an active rather than a passive context. In today’s world of very low annuity rates and restrictions on the tax efficient amount that you can invest annually, planning for a secure retirement has become more challenging, and worse, the government could make changes to pensions regulations at any time which will affect your position in the years to come.

This is an extract from the Business & Management Magazine, Issue 259, November 2017.  

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