A Spending Boom Ahead or Will Caution Prevail?

  • Author: David Crosby
  • Posted on: 11th November 2014
  • Posted in: Blog

With 6 months to go until those over the age of 55 will have the freedom to take all their savings out of their pension fund, perhaps now is the time to seek specialist financial advice in terms of planning for your future. People of pensionable age form a large, and in many cases a very influential and wealthy, community. As a result the sudden freedom to access a large lump sum of money, rather than be restricted to monthly pension payments, will no doubt have some interesting consequences in terms of how this money will be spent or invested.  Ultimately a pension is meant to fund this well-earned non-working time in life but from now on people will be free to take control of some of their money and do with it as they please.

Some will spend on holidays and luxuries, others will no doubt invest in property, shares and other income and capital generating ideas with a view to making their money work best for them. Whichever option is taken, and both have a numerous plus points to them, it is important to never forget that there are basic needs to fund in retirement. And, if you have family, you can also use this money to benefit them as well, should you wish to do so - either in your life by way of gifts or financial assistance, or on death by way of leaving as estate of which they are beneficiaries. To discuss your current or future financial needs and to have these tailored to a will which protects both you and your loved ones, please call our private client department on 01273 734 600 or email us at advice@crosbywoods.co.uk  

David Crosby, Partner, Crosby & Woods