Unbiased.co.uk offers tips for retirement planning

More than a third (38%) of all independent financial adviser searches on unbiased.co.uk are for advice on personal retirement planning. Because it is such a cause for concern, the advice provider has gathered some practical tips from industry experts to help people who are approaching retirement age.

Jaskarn Pawar from Investor Profile said: “A pension is not the only option when saving for retirement. Planning for retirement is about working out what you want to do and how best to afford this lifestyle. In funding your retirement the ultimate goal is to create an income stream, nothing more, and nothing less. Where this income comes from is entirely up to you. Many people rely on pension plans from various sources—personal, employer, the state—to deliver the income they need in retirement. However there can be other, more flexible ways to save.

Lorreine Kennedy from financial advice provider CareMatters says: “Anyone planning for their retirement should consider both pensions and ISAs as a way of preparing for the time when they no longer receive an income from employment. The use of investment bonds can be a useful part of retirement planning; especially if you are a higher rate tax payer when you invest in the bond and a basic rate taxpayer when you come to take the benefit.

“If you find yourselves struggling financially do consider alternative ways of boosting your income. These include downsizing your property, renting a room out (the income from the rent a room scheme is ‘tax free’ up to £4,250) and finally equity release.”