Retirement can be one of two things: a) Your longest holiday or b) Your longest period of unemployment
Retirement planning and Pension advice is required throughout life, from the earliest age, to ensure the latter is not what you end up with. As with investments, this is not simply a case of “looking for the apparent most suitable annuity rate” or the “pension flavour of the month” – a qualified professional aims to help with a long-term retirement plan. For example, when discussing with client, as with all areas of our advice, it is critical to get to know each individual client and their family. When do you want to retire? What do you want to do in retirement? How much in today’s money do you want to be “earning”?
This is not a simple “lets throw money into a cheap pension plan” discussion. We go through, step-by-step, all of the possible factors that currently or in the future could affect your circumstances and propose preparations for such events. However as time goes on, the markets change, peoples circumstances change and so does their attitude to risk.
That is why we provide on-going servicing options for our advice (which we recommend all clients take advantage of) – contacting you at regular intervals to advise you of the positions of your retirement investments, general trends and any particular need for change – especially as you approach retirement age.
Your exposure to risk should be declining so that the only retirees whose pensions are suddenly and unexpectedly cut by a market drop are those without (good) financial planning advice!
As recent events have shown, the true value of a financial planner is often only recognised (or not!) when unpredictable, massive events which shake the financial system occur; whilst we may not be able to prevent such occurrences, we can keep you immediately appraised of the effect on your retirement plans and the options available to you, and ahead of time attempt to minimise your risk as much as possible within your targets.