4 RETIREMENT ADVICE ADVERTISING SUPPLEMENT
Associated Newspapers Limited is an introducer-appointed representative of Skipton Building Society, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority, under registration number 153706 for provide restricted
advice. Should you take advice from Skipton Building Society, ANL will receive a fee for the introduction. *To help maintain service and quality, some calls may be recorded and monitored. Calls are free from a BT landline, costs from other networks and mobiles may vary.What’s the difference between a great
and an average retirement? Having
enough money.Many people enjoy a blissful retirement
full of excitement and leisure. For others,
it can be a period of financial struggle and
hardship. Your financial capability is not just
about how much you build up in a pension,
but the way you use your savings.The transition from full-time work to
retirement can be confusing. Some very big
decisions must be made, and they often
can’t be undone. We all make mistakes, but
getting your retirement plans wrong could
be something you deeply regret.
We’re all human, though, and there’s always
something more interesting to think about.
Research shows many of us spend more
time buying a new car than deciding how
to use our pension money in retirement^1.
But while a bad choice of car might cause
you some short-term headaches, a poor
retirement money decision could affect the
rest of your life.If you don’t plan your retirement, you couldlose too much money in tax – and risk
running out of savings. So you would be
cutting back, when others around you are
thriving.What do you need to
think about?
If you don’t know what you’ve saved for
retirement, don’t worry. You’re not alone. 54
per cent of UK workers are unaware of the
current size of their pension pots. And 41
per cent admit they should be saving more
for their retirement^2. By contacting your
pension provider, you should be able to get
a statement. Don’t forget any old pensions
you might have, from previous employers.How much money you’ll actually need is
the million-dollar question. The truth is
there’s no set amount – it depends on your
circumstances, ambitions and the way you
use your money. But in the next few years,
it makes sense to prioritise saving as much
as you can.What all retirees don’t know is how their
financial situation will change over time. Forexample, you might be very active during
your first few years, before taking it a bit
easier later in life. But even then, you might
need to pay for long-term healthcare as you
get older.You may also want to support younger
generations of your family. One in
three grandparents aims to help their
grandchildren with university expenses, as
just one example^3.Retirement should be about about you,
so you enjoy a well-deserved chance
to prioritise the things that matter. But
unless you have very basic aims, a fulfilling
retirement comes at an ongoing cost. And
that’s why a considered plan is vital.Getting started
With so much to think about, it’s difficult to
know where to begin. But this should be an
exciting time too. If you’re confused right
now, that’s quite normal. By investing time
drawing up plans, you could start to
feel better.Whether you are still a few years away, or have
already retired, the new Daily Mail Guide to
Retirement will help you understand your options
How to make the most
Five ways financial of your retirement
advice can help your
retirement
(^1) Discover how much money
you’ll need – to give you
a clearer picture
(^2) Assess your risk and reward
appetite – for your peace
of mind
(^3) Understand your spending
needs and the prefereffect
of changing circumstances –
to potentially prevent you
from running out of money
4
Learn how to use your
provisions in the most
efficient way – so you don’t
pay too much in tax
(^5) Plan a stronger legacy –
for your loved ones
GET
YOUR FREE
RETIREMENT GUIDE
WRITTEN BY
MONEY MAIL EDITOR
VICTORIA
BISCHOFF