When retirement is approaching, there are a number of questions that need to be asked and considerations that need to be made:
Aims and objectives in retirement
The requirement for either fixed or variable income
Is there sufficient income from non-pension sources? If so, a pension fund may be retained and passed on to the next generation on death.
Has longevity risk been considered? None of us want to run out of money too soon, but we don’t want to leave too much either.
Financial Planning Areas
- How much income is needed in retirement
- Identify willingness to take risks
- Pension options for appropriate level of risk
- What to do now to work towards achieving retirement goals