Free Citizens Advice pension sessions for over-50s

The average age of people getting guidance with their pension is 61, despite free support being available for anyone over 50, Citizens Advice Staffordshire South West, which covers Stone, has revealed.

This means people could be planning their retirement finances 11 years before finishing work, to make sure they have the right money to fit into their plans.

As the Pension Wise service reaches its first anniversary, Citizens Advice Staffordshire South West says it’s never too early to start planning for your retirement, and is encouraging local people aged 50 and over to book a free guidance session.

In April 2015, rules regarding pensions changed, and for the first time people were able to decide whether they buy an annuity, cash in their whole pension pot, take a lump sum, or a combination of these options.

[box type=”shadow” align=”aligncenter” ]Sue Nicholls, Chief Executive at Citizens Advice Staffordshire South West, said:  “It’s never too early to start thinking about your pension.  For many 50-year-olds retirement may seem a long way off, but it’s a good time to start understanding how it could support your plans for the future.

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“The freedoms have given consumers a lot of options they might not be aware of, or fully understand, such as cashing in on part of their pension. Our specialists can walk people through their options, and get them on the right track towards a financially secure retirement.”[/box]

Anyone can book a face-to-face or telephone appointment by calling 0800 138 8292

[box type=”info” align=”aligncenter” ]To get the most out of your appointment

1. First work out the value of your pension pots.  You can look at your most recent statement, or contact your provider.
2. Check if there are any restrictions on your pension, such as penalties for taking it early.
3. Get a state pension forecast – you can find out how to do this from the Pension Wise website.
4. Gather information on any benefits you receive, as any decisions you make could affect these.
5. Work out your likely living expenses, including the cost of essentials like housing and utilities, and leisure activities.  This should help you come up with a rough budget, which you can then compare to your potential retirement income.

Bring the information you have collated to your appointment.  Your guidance specialist will help you think through your circumstances, and present the options available to you. [/box]