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On the MeaningfulMoney<\/a> YouTube channel, Pete Matthew, chartered financial planner, discussed the nature of a recession on one\u2019s investments and how it has the potential to turn someone\u2019s plans upside down. He discussed some possibilities that Britons approaching retirement may wish to consider.<\/p>\n<\/div>\n With many asset classes going down in value, many people may be wondering what to do, however Mr Matthew explained that people should do nothing.<\/p>\n As the markets are so volatile at the moment, the last thing people should be focussing on is \u201cselling this and selling that\u201d to add value.<\/p>\n He added: \u201cMoving money around adds more risk.”<\/p>\n Mr Matthew suggested that Britons consider deferring their retirement during uncertain times.<\/p>\n READ MORE:\u00a0Britons could save up to \u00a3600 this summer to put towards autumn bills – ‘take control now’<\/a><\/strong><\/p>\n<\/div>\n He said: \u201cIn doing so, this will give your portfolio some time to recover. It could get worse before it does.<\/p>\n \u201cIf you don\u2019t need to retire and no one is kicking you out then you could consider hanging on for a while.<\/p>\n \u201cIt might not be the most attractive prospect if you have your eyes set on retiring, but it might just make sense.\u201d<\/p>\n He reminded viewers that retirement does not have to be a \u201ccliff edge\u201d.<\/p>\n<\/div>\n DON’T MISS<\/strong><\/p>\n<\/div>\n More and more people may wish to consider a \u201cphased retirement\u201d.<\/p>\n Mr Matthew explained: \u201cYou can phase slowly into retirement, slowly reducing your hours and your income in steps.<\/p>\n \u201cThis could mean that there is some income coming in, just at a lower level so you won\u2019t have to draw so heavily from your investments and pensions which will give them more time to recover.<\/p>\n \u201cPhasing is a good, practical option to ease the pressure on your portfolio in the short term, or maybe do something completely different and low key for two or three years.<\/p>\n READ MORE:\u00a0PIP claimants set to receive an extra \u00a3700 to help with cost of living – are you eligible?<\/a><\/strong><\/p>\n<\/div>\n<\/div>\n \u201cThis will have the same benefit just a different job than what you\u2019ve done.\u201d<\/p>\n Alternatively, Mr Matthew suggested Britons draw from their Defined Benefit pensions if they have one.<\/p>\n He explained that people can look at taking these benefits early as this can provide an additional income which could soften the financial impact of retirement, and reduce any strain on one\u2019s portfolio.<\/p>\n He said: \u201cIf you take these contributions early, you will be paid less than the full amount but you will receive them for longer.<\/p>\n<\/div>\n<\/div>\n \u201cThere will also likely be index linked so with inflation high at the minute, that means that the income is likely to increase at a decent rate maybe.<\/p>\n \u201cIt will be capped usually but you will still get some decent increases.<\/p>\n \u201cDefinitely speak to your pension admin department and see what options you might have and rethink your plans.\u201d<\/p>\n Mr Matthew also suggested people review their current spending to see if there are area\u2019s they can cut back in, and also making sure to spend any current money in the bank first before taking money from investments.<\/p>\n He noted people should seek individual help from a financial advisor and retirement planner before making any decisions and that it is important to keep a fund for any emergencies in cash.<\/p>\n<\/div>\n[ad_2]\n [ad_1] On the MeaningfulMoney YouTube channel, Pete Matthew, chartered financial planner, discussed the nature of a recession on one\u2019s investments and how it has the potential to turn someone\u2019s plans upside down. He discussed some possibilities that Britons approaching retirement may wish to consider. With many asset classes going down in value, many people may …<\/p>\n","protected":false},"author":1,"featured_media":5099,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts\/5098"}],"collection":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/comments?post=5098"}],"version-history":[{"count":0,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts\/5098\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/media\/5099"}],"wp:attachment":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/media?parent=5098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/categories?post=5098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/tags?post=5098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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