The thought, ‘What will I do when I retire?’ seems to be one that only really occurs at a certain age. You certainly don’t sit in secondary school maths day-dreaming about the yacht you could be sailing on at 68. Few will spend time in between university lectures researching pension annuity options. And the knee-jerk reaction from being told you’ve got your first job is unlikely to be, ‘I can’t wait to get my pension.’ So it is undoubtedly strange that the very best retirement you can plan for is the one you plan for at the earliest possible opportunity.

As an independent financial adviser with a team that spans the ages of 19 to 69, IBC certainly knows the importance of planning for your retirement sooner so you can get as close as possible to guaranteeing a dream retirement later.

Retirement is changing – and as it changes, so too should the way we’re thinking about it.


Plan to be flexible

As of April 2015, under the new ‘pension flexibility’ rules, from the age of 55 you can access as much of your savings from your defined contributions scheme as you want. This is a change in the pensions law that many pension holders were never expecting, and it now adds a layer of flexibility to their money that they never thought they would have before.

What does this really mean for you? It means that the future isn’t always written in stone and on top of changes in law and changes in government policy, you need to prepare for changes in life. Making a plan early is important and making a back-up plan is equally important. Even when you are just a decade away from your retirement you might decide the travel plans you originally made are no longer as important as more time with the grandchildren.

Speaking with your adviser will ensure that you can make plans that focus on what you think you’ll want now, and back-up plans for what you’ll actually want when the time comes.


Look back as well as looking forward

Our most experienced financial advisers have a wealth of knowledge about how pensions and retirements have looked over the past five decades and the most consistent variable across all of that time, is change.

You may not realise it but there are students currently in universities studying for jobs that don’t yet exist, so you can bet there will be retirement options in the future we haven’t even conceptualised yet too. Some things we will never predict, so looking back and talking to the generation before yours will help you get to grips with just how different things might look.

Mining, fishing, shipping – these are all industries that have largely disappeared from modern Great Britain – how did people from those industries cope with change, and what advice could they impart to help you prepare for an uncertain future?


Ask yourself again if you really could be part of that pension scheme

‘If only I’d put into that pension scheme at the time’ is a phrase the team at IBC has come across far too often. We understand personal circumstance will always dictate how savvy you can be with your savings and (in this case) your pension contributions but if you really are on the fence about whether to join a scheme or not – ask yourself this question; if the government pushed up your income tax by 5{667290b260ff28168e623797c2c2c0d16bc37bf47122766d0a4dd91733155e89}, would you find a way of managing your money around it? If the answer is yes, then you probably can afford to put in to that company scheme.

Remember, most people don’t regret the opportunities they take, they regret the opportunities they miss.

If there is one defining feature that all retirement plans have in common in the future it is that they will be as individual as you are, so take the opportunity to speak to IBC and start planning your retirement now – it is never too soon.



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