There was a time when retirement seemed to take care of itself. It was normal to work, retire and then receive the state pension plus a company pension scheme. For most people now, this route simply doesn’t exist.

Saving for a “pension” can mean a multitude of different things and the way your savings are organised can make a big difference to whether or not you are able to do what you planned in your life, and also how your money is treated once you die.

The 2015 changes to the “at retirement” rules vastly increased flexibility and brings with it a new era of personal responsibility in retirement.

Working beyond state pension age is no longer an exception and it is becoming increasingly common to consider downsizing or releasing equity in their home as a part of their retirement planning.

Far more choices will have to be made and the answers themselves become less obvious. How do you best invest your savings? How do you want to take income in the future and what happens to your assets when you die?

The new normal requires a plan. Having a plan not only helps you understand what you are aiming for, but regularly reviewing that plan enables you to check you are on track.

Philip Harper  |  January 2018