MSE’s Academy of Money
MSE’s Academy of Money

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11 Summary of Session 6

There has been a lot to digest in this session.

The figure is a photo of two elderly women with arms around each other at an 80th birthday celebration. In the background is a large cake with the number ‘80’ pinned on top of it.
Figure 13 Enjoying a long retirement

Ensuring that you have a good plan for a pension or other sources of income is essential for an enjoyable retirement. Ideally you should start planning from early in your adult life, as leaving it to later in life risks failing to accumulate sufficient funds for an adequate pension.

While the state pension provides a start to your target income in retirement, you will need to make additional provisions yourself to provide you with the lifestyle you want when you finish working.

In this session you have examined the different types of pension schemes found in the UK, and looked at alternatives to providing cash in retirement, like equity release. You also have seen that pensions are subject to various tax rules – and this alone is good reason to consider using a financial adviser to guide you through the pension options available to you.

The great news is that recent decades have seen people in the UK living longer lives. Enjoying a longer life makes it essential that you are meticulous with your pension planning, and that you don’t postpone taking action to implement your plan.

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