Life's Stages: Post-Retirement
Retirement will offer opportunities - for new challenges and activities that you can choose now that you have more time. A well-constructed financial plan will enable you to achieve the type of retirement you want and allow you to enjoy your life, without worrying about the future.
It's a time when you might consider your children to be no longer financially dependent on you, or you may now find yourself in a position where you want to help them out with their mortgages and other commitments. This time could also be the right time to consider Inheritance Tax planning and to discuss methods that minimise this tax burden.
You may also want to consider how you will support your family and pay for the additional care requirements if you become ill or how you can pass on your wealth.
Security in retirement is possible, but will need careful planning. Even the best of portfolios can disappear quickly if no thought or consideration is given.
Now is the time to fulfil all those promises you made whilst working, many people would like to travel in their retirement, but not all are financially able to fulfil those goals.
Regular meetings with your financial adviser can help to ensure that you achieve in retirement what you have always promised yourself.
The Financial Conduct Authority does not regulate taxation and trust advice.
A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.
Retirement is no longer a fixed time in your life - you can take early retirement or carry on working beyond state pension age.