Five Top Retirement finance suggestions

Our Hertfordshire retirement planners are often asked by our clients whether they have the financial capacity to implement their retirement plans. In this article, we’ll go through five of the top financially related retirement pastimes and assess their merits. If you’re thinking about how you’re going to occupy your time through your retirement, here are five ideas.

Produce a pension plan

Planning your retirement finances isn’t an easy process, nor is it a quick one.

With the newfound freedoms that pensioners have to draw out their pensions at any given time, it is easier to pursue a strategy that has unforeseen consequences.

This means investing in the services of a professional retirement planner like our Hertford-based planners will help you to define your retirement strategy. It’s essential to have a financial plan that you can work to, and it will give you a strong sense of financial security.

Relocate to the UK’s best retirement spot

Part of your financial plan might involve relocating. Your retirement planner can advise you on whether this is a worthwhile process, given your individual circumstances.

According to a report published by the Guardian, the market town of Skipton – “the gateway to the Dales”, and the surrounding Craven, North Yorkshire, is the best place to retire to, making it a hotbed for property investment.

A detached house costs around £308,105 and the Yorkshire Dales National Park is practically in your back garden (along with Malham Cove and Bolton Abbey). In addition, life expectancy from the local Airedale General hospital is about 79.7% (above average), and the Settle Victoria Hall – one of the oldest Victorian music halls – now a theatre – is close by.

Preparing for later life

This should be a priority for anybody about to reach – or who is of – retirement age. While it’s not necessarily the first thing you might want to do in your new-found spare time, the sensitive task of preparing for later life is essential.

Issues like pensions and annuities, equity release, and care funding are important issues, and making provisions is a sensible step to future-proofing yourself and your family.

Donate to a cause you believe in

If you’ve been proactive throughout your life and taken a keen interest in world affairs, it’s likely that you’ll have causes you would like to donate your time and money to. Investing in a local charity like these ones in Hertfordshire is a great opportunity to remain active and expand your network of friends, but it’s also an excellent investment opportunity.

Investment enables the creation and development of your chosen charity, and as an investor, you would have say over the direction of the organisation, meaning you would have both a financial and directorial stake in the charity.

Drawing out your pension to invest abroad

New pension freedoms mean you can now drawdown as much of your pension as you like, whenever you like, as long as you’re over 55. One reason you might want to do this is to purchase a home abroad.

Discuss the possibility with your financial advisor, as the amount of money you may need to withdraw from your pension could be financially irresponsible. However, it could be a great way to spend your pension if you are confident your investment will make a strong return.

An article published in This Is Money suggests that one in six adults hopes to leave the UK to retire abroad. Furthermore, it suggests that almost 6.4 million people – of the 38,8 million aged between 18 and retirement age – plan to live overseas once retired. This means that the overseas property market is growing – particularly in Spain, where 13% of those questioned are planning to retire. Therefore, investment in a Spanish holiday retreat could be very sensible.

So, if you’re approaching or at retirement age and are looking for ways to use your time wisely, speak with one of our Hertfordshire financial planners. We’ll help maximise your financial assets, and ensure you’re best providing for you and your family. Contact us today.

This article is for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions. Investments can go down as well as up and you may get back less than you invested.