Pension? No! Lifestyle funding
In this column we have previously highlighted the negative nature of words like ‘Retirement’ – we prefer to call it ‘Graduating from having to work’. ‘Pension’ is the same: why not call it ‘Lifestyle funding’?
The recent unpredictability of the financial climate, increasingly complicated bureaucracy and the fragility of the workplace have naturally led us all to doubt the effectiveness of and therefore the need for a Pension. However, it is still the best way of planning for and achieving your future lifestyle. It is vitally important, though, that it is tailor made to your requirements and not just an off the shelf product.
The changes being made to state pension and tax liabilities (and NEST….) just mean that you should seek reliable advice from someone who knows your situation and your future lifestyle aspirations. NEVER trust your future lifestyle with a stranger.
Your adviser should follow IAN when reviewing your finances:
I – your Ideal situation – how much do you want and when?
A – your Actual situation – what investments / estate do you have now?
N – your Needs – what do you need to achieve your goals?