The introduction to “flexible pensions” has increased the worry of running out of money in retirement.

People are living longer, with the average life expectancy for a woman from birth, based on 2014-2016 statistics, being 82.9 years old, and the average life expectancy for a man from birth, based on 2014-2016 statistics, being 79.2 years old. (Source: Office of National Statistics).

With defined benefit pensions dwindling and annuities no longer the most favourable option, retirees are more likely to be losing their well-earned sleep, worrying if their pension pot will last their lifetime. The comfort of a reliable income has given way to a new era of choice, which can mean hard decisions and the fear of making the wrong ones. Combine these factors with on-going political instability and volatile markets; the burden is on us, as advisers, to provide answers and reassurance.

With the above in consideration, financial advice is ever more crucial during retirement, as well as prior to retirement.

The “tool kit” of a financial adviser is ever growing, using reports and software which are designed to analyse individual goals and objectives in retirement, combined with informed assumptions, hard facts and the individual investment risk profile in mind, financial advisers are able to design a personalised retirement plan. This personalised retirement plan is likely to be reviewed at least once a year or when the individual’s circumstances and/or objectives change (whichever comes first), in order to keep their retirement plans relevant and up to date.

Here at Norfolk & Suffolk Financial Services, we use retirement planning reports, cash flow forecasts, risk profiling and portfolio building tools, which enable our clients to receive a retirement plan that is individual, personalised and most suited to them.

Our initial fact-finding meetings are at our expense, with our advisers available for home appointments, or you can visit us at our office, for a relaxed discussion regarding your retirement goals.

This article aims to supply general information but it is not intended to constitute advice.  Every effort is made to ensure that the law referred to is correct at the date of publication and to avoid any statement which may mislead.  However, no duty of care is assumed to any person and no liability is accepted for any omission or inaccuracy.  Always seek specific advice.