Recent research by Canada Life suggested that 43% of those aged between 55 and 66 (article on our news feed) have taken early retirement since the beginning of the pandemic and this got me thinking about our experiences here at Morris Owen. A considerable portion of our work relates to clients seeking retirement advice and I would have to agree that of these enquiries, early retirement is a popular area for discussion. We now see more and more clients who are considering a different approach to life and are looking to make the best of it. They might not want to retire fully but they are wanting more free time to enjoy life to the full.
Of course, taking benefits from your pension is complicated and there are many options to consider. The key point is that without good advice, it could be very easy to live for today leaving little for tomorrow. There must be a balance struck between what you think you need now and what you will definitely need as you get older. I am having many conversations with clients about just what may or may not be possible. It can be very satisfying to be able to say to a client that, yes you can retire but it is equally satisfying to say to a client that whilst you might not yet be in a financial position to retire fully, if you use your pension in this way and then work on a part time basis, you can have a very appealing alternative option to consider.
As always, professional advice is key and if you need to speak to either myself or my colleague Ian Dowdell, we are always happy to help.