Retire and Flourish

Whether you are still a few years away, or have already retired, the new Daily Mail Guide to Retirement will help you understand your options

Step boldly into the Third Age with a solid plan in place

What’s the difference between a great and an average retirement? Having enough money. Many people enjoy a blissful retirement full of excitement and leisure. For others, it can be a period of financial struggle and hardship. Your financial capability is not just about how much you build up in a pension, but the way you use your savings. The transition from full-time work to retirement can be confusing. Some very big decisions must be made, and they often can’t be undone. We all make mistakes, but getting your retirement plans wrong could be something you deeply regret. We’re all human, though, and there’s always something more interesting to think about. Research shows many of us spend more time buying a new car than deciding how to use our pension money in retirement1. But while a bad choice of car might cause you some short-term headaches, a poor retirement money decision could affect the rest of your life. If you don’t plan your retirement, you could

lose too much money in tax – and risk running out of savings. So you would be cutting back, when others around you are thriving.

What do you need to think about?

If you don’t know what you’ve saved for retirement, don’t worry. You’re not alone. 54 per cent of UK workers are unaware of the current size of their pension pots. And 41 per cent admit they should be saving more for their retirement2. By contacting your pension provider, you should be able to get a statement. Don’t forget any old pensions you might have, from previous employers.

How much money you’ll actually need is the million-dollar question. The truth is there’s no set amount – it depends on your circumstances, ambitions and the way you use your money. But in the next few years, it makes sense to prioritise saving as much as you can.

What all retirees don’t know is how their financial situation will change over time. For

example, you might be very active during your first few years, before taking it a bit easier later in life. But even then, you might need to pay for long-term healthcare as you get older.

You may also want to support younger generations of your family. One in three grandparents aims to help their grandchildren with university expenses, as just one example3.

Retirement should be about about you, so you enjoy a well-deserved chance to prioritise the things that matter. But unless you have very basic aims, a fulfilling retirement comes at an ongoing cost. And that’s why a considered plan is vital.

Getting started

With so much to think about, it’s difficult to know where to begin. But this should be an exciting time too. If you’re confused right now, that’s quite normal. By investing time drawing up plans, you could start to feel better.

One easy first step is to order Daily Mail's FREE Guide to Retiring, written by Money Mail editor Victoria Bischoff. Drawing on her wealth of knowledge from writing about money matters, Victoria breaks down the complexities of retirement in an easy-tounderstand way.

Reading the guide could allow you to look forward with confidence – it could be something you look back on and are really glad you did. To order your guide, just call the number to the right of this page.

Beyond this informative guide, it’s worth giving serious thought to seeking financial advice. Research shows people who receive financial advice are twice as confident about being able to retire how and when they like4.

Christine Cox, from Leeds, certainly felt the benefits of retirement advice. “I didn’t know what to do with the money I had – and needed some guidance,” she revealed. “When I met my adviser, the atmosphere was relaxed – he was extremely helpful and there was absolutely no pressure to take his advice.”

Plan for more

The beauty of working with a financial adviser is it gives you the support and information to plan forwards. Rather than making costly mistakes.

Mail Finance has partnered with Skipton

Building Society to offer a personalised retirement planning service. It’s designed to help people approaching retirement. A huge benefit of speaking to your local Skipton financial adviser is they use cuttingedge tools to forecast your likely retirement spending patterns. To work out ways of using your provisions to support your plans.

Christine, who is a Skipton customer, added, “My adviser had really listened to what I wanted from my money. I was given a range of information which was explained clearly to me – and I had plenty of time to reflect and decide what to do.”

With this no-pressure, personalised approach, you will be in a position of knowing:

• What you can do to improve your plans

• How soon you could retire

• If you could achieve the retirement you’d like

• Your options in future

And all of this, without any obligation to take Skipton’s advice. There’s no upfront fee to pay. So you can be confident of being in a position to make informed choices – Capital at Risk.