You may be emotionally ready for retirement - everyone looks forward to finally taking a well-earned break - but are you financially ready for retirement? Do you know how far your pension will support you, or how big of a pension you should have?
We’ve done the research and found that people in Glasgow, on average:
Glasgow is one of the most affordable places to live in the UK, yet its residents are still facing a pension shortfall of more than £17,000. This is because people don’t consider the benefits of speaking with a financial advisor before they start their retirement.
The truth is: it’s easy to think about travelling the world and helping your family out with some money when they need it, but it's much harder to think about the care costs and inheritance tax that can take a bite out of your hard-earned savings. We can match you with a financial advisor in Glasgow who can discuss your retirement goals and help you consider costs that could drain your pension when you need it the most.
Many people consider downsizing to keep costs low and boost the longevity of their savings. This can work but it's important to remember that there are many options available to you. In fact, your house may be the most useful asset you have and you may not have to sell it to put it to good use.
The average home in Glasgow is worth roughly £150,000 and releasing some of the equity in your home could give you a lump sum outside of your 25% tax-free allowance many people withdraw from their pension pot. That’s why speaking with a pension advisor is so important: you need to know all the options available to you so you can choose what meets your needs best.
Bearsden is one of the most affluent suburbs of Glasgow thanks to wonderful Victorian architecture. It’s also home to one of the world’s oldest golf courses - The Glasgow Golf Club. Having Kilmardinny Loch Nature Reserve on your doorstep means there’s no end to the green spaces you can enjoy and you may even see a Gruffalo or two! After all, author Julia Donaldson lives in Bearsden and the loch has more than a couple of statues dedicated to her iconic children’s book character.
If you want to stay close to the city and enjoy an area on the rise, Shawlands sits to the south of Glasgow. Without a doubt, Pollok House is the main attraction - an Edwardian Mansion bursting with beautiful art and architecture. And if you’re a dog walker, you’ll have all 146 hectares of Pollok Country Park to enjoy. The area has been a hit with families of all ages and sizes for years and could be the best spot for you to spend your retirement.
We know that it’s tough to talk about money. It doesn’t come naturally to us Brits and after managing your money your entire career, the idea of discussing your spending and savings with someone else can feel uncomfortable. But the long-term benefits of getting financial advice have been proven and planning for retirement is a challenge many people underestimate.
That’s why we make speaking with an advisor so easy. Just tell us a little about yourself and what help you need and we’ll match you with a local financial advisor. You’ll receive a phone call to discuss your retirement goals and whether your advisor can help you. It’s a free, no-obligation consultation that you can set on your own time and your own terms.
It’s time to reap the benefits of professional advice and set yourself up for a stress-free retirement.
A financial advisor can offer valuable insight and expertise on a wide range of common financial concerns.
Key situations in which a financial advisor is likely to be valuable include:
Exploring your options during key life events such as retirement
Comparing quotes for pensions or insurance products
Investing large sums of money
Inheritance tax planning and intelligent saving
The cost of using a financial advisor can vary depending on your needs. You may be able to resolve your issues in a single consultation, or you may benefit from a more long-term collaboration.
At Local Financial Advice we're dedicated to providing a transparent and cost-effective experience for all customers:
Free, no-obligation initial consultation - Discuss your issues in detail and make a decision about whether you’d like to proceed before making any commitment.
Total transparency - Any costs associated with purchasing any product or service from your financial advisor will be broken down in detail.
Many of the advisors we work with are flexible with how they can meet with you.
Your advisor will often try to first get in touch with you by phone to talk about the kind of advice you need.
If you decide to continue with their advice, advisors can meet you face-to-face. You can discuss any safety precautions the advisor should take if you arrange for them to visit your home.
Throughout your time speaking with your advisor, you may receive emails from them. These will often simply be to confirm your information or the details of future meetings you book with them.
The type of advice you need depends on your circumstances.
We encourage everyone we connect with an advisor to discuss their financial needs in detail so they can receive the right amount of advice.
You may only need one-off advice if you need help choosing a long-term product to support your retirement, such as an annuity.
If you need flexibility with your money, you may prefer ongoing advice from your advisor with you speaking every six months or year to see how your money is performing.
Whatever help you need, your advisor will clearly lay out the costs involved. These can be one-off costs or recurring, such as a fund management fee.