Don’t lose sight of pension goals

Don’t lose sight of pension goals

Have you managed to keep a cool head during the roller-coaster stock market ride of 2020? It’s never easy, but as retirement approaches it’s important that you don’t lose sight of pension goals.

As stock values rise and fall it’s hard not to be concerned. This is especially true if you are invested and approaching retirement.

The last thing you need is a portfolio that drops in value when you are close to drawing income from your pension.

As 2020 progressed, many investors across the world thought long and hard about their portfolios. Some will have made decisions they come to regret.

Focus on your pension objectives

When the clock is ticking it’s vital you make the right choices. Hasty, knee-jerk decisions rarely work out.

During uncertain times it’s often good to take a step back, assess the plans you have made and look at the pension provision you have in place.

Much depends on your desire to draw a tax-free lump sum or regular income when you reach the retirement age that applies to you.

Do you need to withdraw money from your pension pot immediately?

You almost certainly made plans for the long-term when you mapped out your retirement needs. It was almost certainly to provide income when you finish work.

During such unprecedented times of market volatility, it’s important to stay the course.

Revisit your risk profile

Depending on your age, the recent economic upheavals might have altered your appetite for risk. It’s worth developing a complete picture with an independent financial adviser to fully appreciate what returns you need and what level of financial risk you are prepared to take.

It’s not just governments and economies that have changed over the last year. Your personal circumstances, job and spending patterns could have altered over time.

Understanding what you need, when and how will help to focus your thoughts. It could be that small changes are required to balance your investment portfolio to better match your current risk profile.

You wouldn’t tackle a complex electrical rewiring project without the necessary skills or qualifications, so why jeopardise your future income second guessing financial performance.

Achieving the right investment mix for you is easier to accomplish with experienced professionals who assess hundreds of similar cases each year. 

We’re here to help – call us

There is often a temptation to avoid seeking advice – especially where money is concerned. However, you should never be embarrassed. Every question is valid where your future income is concerned.

The Logic Wealth Planning team is here to help and support you. With vast collective experience helping clients get the best returns from their pensions, we’ll help you consider your options.

Please call us on 0808 1234 321 or email to assess your retirement goals.

Please be aware the value of investments or income from them can fall as well as rise. We are here to help you make informed decisions as you put important things in place for you and your family.

* Logic Wealth Planning provides independent financial advice in Manchester, Bury, Rochdale, Cheshire, and the surrounding area, but not limited to the region.