For decades your retirement marked the point at which you stopped working, your pension pot was “cashed in” and you started to take an income. The world has changed and these days it makes no sense to access your entire pension at retirement – better to access what you need and let the rest keep on growing.
The introduction of Pension Freedoms by the government in 2015 have given those in retirement a lot more flexibility on how they access and manage their pensions. This freedom coupled with the ever-increasing time spent in retirement means it is important to continue to think about how your finances are arranged after you retire.
By making sure your pension, which is often the biggest asset in most people’s lifetime, is invested in the most efficient way can help to boost your income during retirement and make your pension last longer. Arrangements can also be made to help your loved ones receive a more valuable inheritance.
Investing in Retirement involves different considerations that investing pre-retirement. It is unlikely that the approach used before retirement will still be appropriate, at the very least a review should be performed to ensure it is still appropriate.