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 Retirement is a time to look forward to and enjoy. To help you do so, it makes sense to ensure your pension savings work as hard as possible, when you turn them into an income to live on. This is typically done by either buying an annuity or an income drawdown plan.

Annuities: In exchange for your pension fund, an insurance company will pay you an income for the rest of your life. Annuities came in different shapes and sizes – single or joint life, with or without inflation proofing, and perhaps the option of a guaranteed payment period.  

 When the guys at My Chums asked me to write about ISA’s I thought of all the times that people in the pub, at work, at dinner parties, or indeed, my wife (a first class mind) have asked me (a second class mind) for advice about their finances.

 One of the Club's directors uses Kirk Newholme for pension planning even though he lives down south- a long way from Leeds.

Kirk Newsholme Financial Planning Richmond House 16 Blenheim Terrace

Leeds LS2 9HN

 Every so often, one comes across an investment that seems too good to be true. For most of them, it is a situation where ‘It’s so good because it isn’t true!’ (Think ostrich farms in the 1990s.) I have been looking at something called a ‘kick-out plan’ which is a variety of the so-called precipice bonds. These are bonds where the capital is guaranteed unless the market falls below a pre-determined level (the ‘precipice’), at which point the capital amount repaid is reduced. Some people lost their entire investments in the heavy downturn in the early 2000s after they had invested in precipice bonds which featured a 2% reduction for every 1% fall in the market i.e. a 50% fall gave a 100% loss

 We asked Best Invest to tell us about what are the issues to consider when you are thinking about investments in a third age.

Here are the questions that seem relevant to someone who is not a sophisticated investor: your average chum in fact. All feedback welcome

If you want to know more about BestInvest please let me know at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it   and I will put you in touch with the right person there

Whether you’re just starting out in the world of equity investment now you have a little more time on your hands, or whether you’re a seasoned share trader looking for the best service at the keenest prices, finding the right broker can be a complex process.

There are many reasons why you might decide to talk to a financial adviser as retirement looms. If you’re starting to draw a pension, you may feel it’s time for a general financial rethink. Or you may have specific concerns about your investments, inheritance tax, equity release or insurances.

Whatever your motivation for consulting an adviser, it’s most important that you have confidence in their recommendations. But be warned – the universe of financial advice can be surprisingly complex. Here are some questions worth asking any adviser you’re thinking of using.