Pensioners need to be financially flexible

As this recent article suggests, it is imperative to plan for retirement but it is equally important to ensure that you get the most from your retirement funds. Independent financial advisors are perfectly placed to find the best option for you, so make sure you don’t miss out on potential incomes.
“Pensioners need to be financially flexible as some may experience extra pressure on their purse strings in the first five years of retirement, which could lead to a debt management plan.
According to LV=, the first five years of retirement can bring unexpected life changes or financial strain to millions of pensioners.
Additional strain on the finances could lead to the need for a debt management plan if the retiree does not have any savings, a pension or lifetime annuity.
The flexible retirement solutions providers found that 34 per cent of retirees will celebrate the birth of their first grandchild within the first five years of retirement and 25 per cent will move house.
Matt Trott, LV= head of annuities, said: “Any unexpected strain on their finances in the early years of retirement could have a significant knock-on effect further down the line.”
He advised people not to get fixed into a lifetime annuity plan too early as this can curb financial flexibility.

Lifetime annuity converts a money pension into an income for the rest of the person’s life, however long they may live.”
Simply call, write or use the online enquiry service and we’ll introduce you, in various ways, including through the website and by phone, to Independent Financial Advisers (IFA).
Read the full article: Pensioners ‘need to be financially flexible’.