Simple steps to take when thinking about retiring.
1. Have you requested or recieved a forecast of your state old age pension. I have read that if you delay taking a pension at Normal Retirement Age that you can increase the benefit paid out under this scheme. I wonder if anyone can verify this statement?
Presumably the department of work and pensions would be in a position to give you the address to write to, or may be a trip to the Post Office may help, if you wanted to request a projection for your pension based on your National Insurance number / contribution.
2. Private Pension when did you last look at a statement from your pension company, like many people I suspect that most of the paper work gets filed in the I will deal with that later box. How are your funds performing or underperforming? Are your funds currently linked to the stock market, do you consider the market to be reaching a peak? These are the difficult decisions that Financial Advisers and members of the public have to try and gauge.
3. If you do have a fund that is greater than the (can withdraw all the cash) because it’s so low? If you do then have you checked your annuity provider or plan. Will you buy an annuity of draw your funds out via a different method of withdrawl?