Citizens Advice Shropshire encourages over 50s to get to grips with their pension
The average age of people in Shropshire getting help with their pension is 60 despite free guidance being available for anyone over 50, reveals the Pension Wise team at Citizens Advice Shropshire.
This means people could be planning their retirement finances 10 years before finishing work, to make sure they have the right money to fit into their plans.
As the Pension Wise service reaches its first anniversary, Citizens Advice Shropshire says it’s never too early to start planning for your retirement and is encouraging locals 50 and over to book a free guidance session.
In April 2015, rules around pensions changed and for the first time, people were able to decide whether they buy an annuity, cash in their whole pension pot, take a lump sum, or a mixture of these options.
David Prince, Pension Wise Guidance Case Worker at Citizens Advice Shropshire 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.
“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 face to face or telephone Pension Wise appointment call 0800 138 8292.
What to prepare to get the most out of your Pension Wise appointment:
- First, work out the value of your pension pots. You can look at your most recent statement, or contact your provider.
- Check if there are any restrictions on your pension, such as penalties for taking it early.
- Get a state pension forecast – you can find out how to do this from the Pension Wise website.
- Gather information on any benefits you receive as any pension decision you make could affect these.
- 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.
Bring the information to your Pension Wise appointment. Your guidance specialist will help you think through your circumstances, and present the options available to you.