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Retirement Income Planner

What To Look For In A Retirement Income Planner


Retirement is perhaps that moment of life when one takes a permanent leave from service life. But to make this part of life equally interesting it is important to take the assistance of a retirement income planner.

Finding an independent financial advisor is perhaps the foremost concern. These independent financial advisors are generally completely independent of bank or any financial institution or any insurance company. This means that they can give you advice without having any biased opinion. If you go to any bank, they will probably advice in such a manner so that they can derive long term benefits from it easily. Other banks might have even better offers for you but the bank concerned will tend to overlook these offers and propagate about the advantages of their own offers available. The same would be the situation if you go to an insurance agent. He might probably suggest you such policies for a retirement income plan that will most likely earn him the maximum commission. Keeping the policy takers interests in mind might not be his idea of providing you with suitable retirement income planning solutions. Hence these independent financial advisors can render better financial services to meet your personal financial requirements. So finding an independent financial advisor is something that you should always watch out for.

Retirement pension planning is another important aspect of planning for your retirement requirements. The first step for retirement pension planning entitles you to search for any state pension plan. However this is not as simple as it sounds. The state offers its entitlements but it largely depends upon your circumstances. Usually most of the people are entitled to basic state pension. But you have to analyze it in advance that how much basic state pension you are entitled to receive. For this you have to get a forecast from the Department of work and Pensions in advance.

Apart from state pension benefits most people can avail pension from their own pension provisions. Usually majority of individuals working are part of a company or even some occupational scheme, run by the employer. A sort of provident fund provision is made to ensure pension facilities to these employees.

The minimum age for drawing money from your pension has risen from 50 to 55 from April 6 2010 onwards. However those with occupational pensions need not stop working anymore to draw a pension. You can take the advice of retirement income planner to avail advice regarding your pension withdrawal.

Prior planning for insurance is an important aspect to fulfill your retirement requirements. Long term care insurance is perhaps the most feasible option you can opt for when it comes to selecting insurance policies for your retirement.

Long term care makes provision for people who are unable to look after themselves without some outside help or support. It caters to all their requirements whether its personal or offering nursing care to those who require help in some sort. So planning for insurance definitely is of importance when it comes to retirement planning.

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