• The first one is: not having a plan in the first place! It is easy to drift into retirement without doing any planning. So, first things first, get yourself a financial planner and get yourself a robust plan.
• Spending all your pension fund money on non-pensions related activities, like a cruise or a deposit on a car or a buy-to-let property might sound like a good idea. But what happens when you need the money you have already spent to support you in retirement.
• Not taking advantage of discounts. Not only is there the free bus travel for people over a certain age, but also loads of reduced prices on everything from cinema tickets and train tickets to reduced costs for educational courses and entry into tourist attractions. Take advantage!
• Putting all your eggs in the property basket. Bricks and mortar are not the only things you can invest in to create a revenue stream. There are lots of pros to buying property to rent out, but also lots of cons, such as maintenance costs and issues with tenants. Think carefully before becoming a landlord.
• Getting caught out by scammers. There are a lot of not so nice people out there. It might be someone cold calling to offer you shares or to help you cash in your pension. Remember if it sounds too good to be true, it probably is.
• Leaving too much to the taxman at the end. To avoid your dependents having to pay too much Inheritance Tax, it is worth doing a bit of planning. It might be worth making gifts or leaving assets to your spouse. We can help you look at ways to mitigate against Inheritance Tax.

No individual investment advice is given, nor intended to be given in this article and liability will be accepted in respect of any action you may take as a result of reading this article. If you are unsure you are urged to take independent investment advice.

For more information or advice, please get in touch on 01246 435 996.