1 – How long will my money have to last?

We now tend to live longer. An average 65 year old in good health is expected to live for another 24 years and one in four people could now live to see their 95th birthday. Our retirement savings are going to have to last us for a long time – perhaps 30 years or more. Leaving them where they are for longer could make a big difference to our lifestyle in old age.

2 – How much will my State Pension be?

Most people will be entitled to an old age pension provided by the State. The amount of this pension is not the same for everyone and will depend on your employment history and when you were born. Remember the State Pension is designed to cover only a very basic standard of living without any luxuries.

3 – How can I minimise my tax bill?

Most people enjoy a personal income tax allowance each tax year and this usually changes each year. You should think about taking your retirement savings in a way which makes the most use of your personal tax allowance so you don’t have to pay tax unnecessarily.

4 – Am I being scammed?

Unfortunately, there are some dodgy people around who would love to get their hands on your money and some people have already lost most of their retirement savings through scammers. Be very wary if someone is encouraging you to take your retirement savings or invest your money with them. If what they are offering you seems too good to be true; it almost certainly is!

5 – Where do I go to get more help?

Taking your retirement savings is a big decision and not one to be taken lightly. We recommend you contact an independent financial adviser in Kingswinford.  TKV Financial Management, can help you to create a full and structured plan for your retirement.