Adrian Walker
AUTHOR Adrian Walker| CREATED 04 Jun 2015
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The time-rich volunteer

For people like David Forster, retirement is about giving time to good causes while having the flexibility to follow their interests. We outline the key things to consider if you intend to volunteer regularly during retirement.

Retirement gives you more time to pursue the things you care about the most. So if there are good causes you wish to support – whether overseas or in your local community – then becoming a Time-Rich Volunteer might be the ideal Life2 for you. Like most volunteers, David is very generous with his time, dividing it between several different organisations. He’s involved with his local parish council and choral society, for example. And he’s a tutor for the motorcycling arm of the Institute of Advanced Motorists. But as he says in our video, retirement has given him the freedom to pick and choose which causes to support when they ask for his help. And that means he can take on the things that really interest him, as well as giving something back to society.

‘Being a volunteer does cost money,’ David warns. So it’s important to make sure you can afford the commitments you’re offered before you take them on – and that your everyday expenses are covered. However, he adds, ‘if you can sustain it, go for it!’. With the help of a financial adviser, he’s been able to continue the lifestyle he’s used to while taking on the voluntary work he wants to do. 
SUBHEAD: What to consider if this Life2 looks right for you
Being a volunteer is great, but you can’t help others unless you’ve got your own finances sorted first. So you need to think about how your various pension pots, savings and investments can be used to generate an income that will support you throughout retirement. Getting a clear picture of your potential sources of retirement income [Link to ‘Key things to consider: sources of retirement income’ on microsite] is one of the first things you should do, in order to begin narrowing down your retirement options.
The order in which you use these sources of income could be very important. For example, you may wish to withdraw money from an Individual Savings Account (ISA) to pay for everyday expenses before doing so from your pension, since withdrawals from the latter will be subject to income tax [Link to ‘Tax pitfalls: how to avoid overpaying the taxman under the new pension rules’ on microsite]. And when the new pension rules come into force on 6 April 2015, there could be further reasons to leave your pension untouched for longer, because of changes to the ways that inherited pension wealth is taxed [Link to ‘New pension rules make it easier to pass on pension wealth’ on microsite]. 
However, tax-planning is complex and you should seek help from a financial adviser [Link to ‘How a financial adviser can help you make the right choices’ on microsite] in order to get it right. They’ll be able to recommend which combination of products will give you the best chance of achieving your ideal Life2 – and in which order you should use them in order to avoid paying more tax than necessary. 
If you don’t yet have a financial adviser but are interested in finding one, you can do so using the free search tool here [ https://finances.oldmutualwealth.co.uk/PortalClient/en/Find-an-adviser/ ].

Retirement gives you more time to pursue the things you care about the most. So if there are good causes you wish to support – whether overseas or in your local community – then becoming a Time-Rich Volunteer might be the ideal Life2 for you.

Like most volunteers, David is very generous with his time, dividing it between several different organisations. He’s involved with his local parish council and choral society, for example. And he’s a tutor for the motorcycling arm of the Institute of Advanced Motorists. But as he says in our video, retirement has given him the freedom to pick and choose which causes to support when they ask for his help. And that means he can take on the things that really interest him, as well as giving something back to society.

‘Being a volunteer does cost money,’ David warns. So it’s important to make sure you can afford the commitments you’re offered before you take them on – and that your everyday expenses are covered. However, he adds, ‘if you can sustain it, go for it!’. With the help of a financial adviser, he’s been able to continue the lifestyle he’s used to while taking on the voluntary work he wants to do.

What to consider if this Life2 looks right for you

Being a volunteer is great, but you can’t help others unless you’ve got your own finances sorted first. So you need to think about how your various pension pots, savings and investments can be used to generate an income that will support you throughout retirement. Getting a clear picture of your potential sources of retirement income is one of the first things you should do, in order to begin narrowing down your retirement options.

The order in which you use these sources of income could be very important. For example, you may wish to withdraw money from an Individual Savings Account (ISA) to pay for everyday expenses before doing so from your pension, since withdrawals from the latter will be subject to income tax. And when the new pension rules come into force on 6 April 2015, there could be further reasons to leave your pension untouched for longer, because of changes to the ways that inherited pension wealth is taxed.

However, tax-planning is complex and you should seek help from a financial adviser in order to get it right. They’ll be able to recommend which combination of products will give you the best chance of achieving your ideal Life2 – and in which order you should use them in order to avoid paying more tax than necessary.

If you don’t yet have a financial adviser but are interested in finding one, you can do so using the free search tool here.

Adrian Walker

Retirement Planning Manager Old Mutual Wealth

Adrian has worked within the Skandia and Old Mutual Wealth organisations for over 25 years. He has had several roles covering the technical aspects of pension savings and identifying opportunities for customers and their advisers. That includes financial planning for people already with pension savings and those considering using a pension scheme to build savings for later life. Adrian is well known in the financial industry for his expertise and is a regular press spokesperson for Old Mutual Wealth, working with both the press to highlight issues arising from the continuing changes to the pension landscape, particularly with regard to longer term retirement income needs of consumers.