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Lynn Craig is planning ahead and starting to think about retirement and her pension.  She is thinking about the following things:

• How long will my money last?
• What age can I comfortably retire?
• Do I need to make additional contributions?
• Will there be a tax charge if I retire early?
• Would it be wise to consolidate my pensions?
• Should I clear my mortgage in a lump sum using tax free cash or use my pension income to continue paying this off monthly?

🌴 Cash flow forecasting – this is where we can identify how much Lynn needs in retirement, and where there may be any shortfalls.  Following on from this Lynn may want to increase contributions or change her retirement age to ensure she does not run out of money in retirement

🌴 Lynn would typically still be in the ‘accumulation’ phase of her life where she still has potentially 10-15 years to save for retirement

🌴 Lynn may want to review her existing pension plans, including the risk appetite to ensure she is comfortable with what she may lose if markets fall for any reason.  She may decide it is time to switch into more appropriate funds – this is again something we can assist with.  We do advise that in this age bracket, you review your pension on a more regular basis to ensure healthy progression and you are on track to achieve your retirement goals

🌴 We would suggest clearing any debt before going into retirement

Can we assist with your retirement planning?  Contact one of our specialists today, we have offices in Dalston, Dumfries, Penrith and Workington.