The time to retire

Oct 12, 2015 | Tony Byrne's View

When should you retire?  For some strange reason most people have a set retirement date. Why is that? It is probably because their employer has set the date. But why retire then? Why retire when someone else says you must? More importantly, why retire at all?

A great man once said “we only retire from what we don’t like doing”, which is sensible. But unfortunately many people do not have the option to do what they like; work is a requirement not a choice, and sometimes it’s not what you really want to do. Under the new pension rules, life changes.

We are not advocating drawing your money out to buy a car, we are talking about accessing your pension so that you can retire when you want to retire. With sensible planning more people can retire sooner than they think. Unfortunately, those that have not invested sufficiently in their pensions may face the opposite situation. Start to think of your pension as “financial independence” rather than a pot of money that you access when you get old.

If you don’t have a plan of how to use it, and when, now is the time to put such a plan in place. You can now access your pension pot from the age of 55, which gives a great deal of flexibility because you can decide how much you want to take from it. So, start thinking differently, and start planning. Freedom may be closer than you think!

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