Pensions  

Guide to later life planning

  • Describe some of the fundamental points about planning for later life
  • Explain what lifestyling is
  • Identify the usefulness of buying an annuity
CPD
Approx.60min
Guide to planning for later life
How to provide for one's later years
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Planning for one's retirement is a lifelong process, and the earlier one starts the better.

But simply putting money aside is not enough. Clients have to decide how to invest their money along the way, and much of this depends on where they are in their retirement journey, and how they see their retirement shaping up.

Much has changed in the world of pensions over the last few years, with much more freedom, but with it also, responsibility, over what a client can do with their pension money.

Much rests on what other savings they may have, whether they plan to give up work entirely and what their personal circumstances might be.

This guide aims to address some of the issues involved in planning for later life.

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CPD
Approx.60min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. How much would an individual need to save to obtain an income of £34,000, according to the first feature?

  2. According to the first feature, when should people start taking pension planning more seriously?

  3. According to the second feature, the further off an individual is from their retirement date, the higher their risk tolerance is likely to be, true or false?

  4. Following the impact of Covid-19 on stock values, whichof the following is NOT a question clients should be asked, according to the third feature?

  5. According to the third feature, what does a lifestyle fund do?

  6. According to the fourth feature, buying an annuity is a sure bet to financial security, with or without advice, true or false?

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You should now know…

  • Describe some of the fundamental points about planning for later life
  • Explain what lifestyling is
  • Identify the usefulness of buying an annuity

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