Thursday 14 April 2016
The average age of people in Exeter getting help with their pension needs is 61 despite free guidance being available for anyone over 50, Citizens Advice Exeter has revealed.
This means people could be planning their retirement finances 11 years earlier, to make sure they have the right money to fit into their future plans.
As the Pension Wise service marks its first anniversary, Citizens Advice Exeter says it’s never too early to start planning for your retirement and is encouraging local people aged 50 and over with a defined contribution pension to book a free guidance session.
In April 2015, rules around pensions changed and for the first time, people were able to decide whether to buy an annuity, cash in their whole pension pot, take a lump sum, or a mixture of these options.
Steve Barriball, Chief Executive at Citizens Advice Exeter said:
“It’s never too early to start thinking about your pension. For many 50 year olds retirement may seem a long way off but it’s a good time to start understanding how your pension could support your plans for the future.”
Steve finished by saying:
“The pension freedoms have given consumers a lot of options they might not be aware of, or fully understand, such as cashing in part of their pension. Our Pension Wise guidance specialists can walk people through their options and get them on the right track towards a financially secure retirement.”
To book a Pension Wise appointment call 0800 138 8292.
What to prepare to get the most out of your Pension Wise appointment:
1. First, work out the value of your pension pots. You can look at your most recent statement, or contact your provider.
2. Check if there are any restrictions on your pension, such as penalties for taking it early.
3. Get a state pension forecast – you can find out how to do this from the Pension Wise website – pensionwise.gov.uk
4. Gather information about state benefits that could be affected by your pension decisions.
5. Work out your likely living expenses, including the cost of essentials like housing and utilities, and leisure activities. This should help you come up with a rough budget, which you can compare to your potential pension income.
6. Bring the information you have to your Pension Wise appointment. Your guidance specialist will help you think through your circumstances, and present the options available to you.