In the minds of many with whom we talk, whether or when they can retire depends on the income that their pension or pensions can provide. Pensions Other savings pots, if they have them, are for other things and their house is the ultimate legacy to pass on.
That’s changed, and we as financial advisers will look at your total assets, those you have and those you’re yet to have, when making a plan for retirement. Your pension is nowadays another savings pot with a different tax treatment to the others, your other savings come into the mix to provide income, cash reserves or fun (wouldn’t that be a thing?)
For many their home may have to be the ultimate payer of care fees; that my change for the next gen, but don’t hold your breath. Putting together that bigger picture rather than flogging you a pension as part of it, is – or should be – our job in these great and troubled times.
