Taking risk with some of your money to achieve a sustainable retirement income
Sourcing a sustainable retirement income is essential, but you also have more options than ever before to help you find a solution. After you have made adequate provision for your essential needs, you may want to consider if you can afford to take any risk with some of your money to aim for better returns.
When was the last time you discussed the family’s finances?
The unexpected death of a spouse can lead to considerable financial problems if the surviving partner is not fully aware of the state of the family’s finances. All too often, couples do not fully discuss the implications of the death of a spouse or partner, and this can create additional stress that could easily have been avoided. So it’s worth taking some time out to consider the following areas of your family’s finances.
Flexibility to use your pension pot in the way that suits your needs
Working out how to make adequate financial provision for retirement is one of the most important financial decisions most of us will ever face. However, it can be a daunting topic, and the options may seem overwhelming. Over the past year, there has been a seismic change to the retirement landscape with the introduction of the Government’s ‘pension freedoms’.
Almost one third of retired people were still carrying debt at the point they gave up full-time work according to research from YouGov and Old Mutual Wealth. The findings showed that the average amount of debt held at the point of retirement is £34,500; however, 19% of people had debts of over £50,000, and almost one in ten had debts of over £100,000.
Your home may be repossessed if you do not keep up the repayments on your mortgage.
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