Pension & Retirement
You may be working towards retirement as your ultimate dream but have you stopped to consider what it will really mean?
Our Financial Planning specialists will work through all the practicalities with you:
- will you want to stop work completely on a certain day, for example, or reduce your hours gradually?
- if so, over what period, working where and earning what?
- how will this affect your cashflow plan and will you be able to access your pension, savings and other assets?
- will your retirement coincide with that of other members of the household and how will this affect the overall income?
We will look at cashflow planning with you, discuss how your outgoings will be different in retirement and how they need to be in line with your income expectations. It’s also important to think about how you might try to reduce any debts prior to retirement.
In addition, not all pensions are equal. You will need to consider your ‘pension pot’ as a whole, taking into account your state pension and any private pensions or work-based pensions.
The introduction of pensions freedoms has meant that as well as having access to a tax free lump sum from the age of 55, you also have options available to you about whether to use any residual funds to buy an annuity, take the ‘cash in’ option, use a flexi-drawdown arrangement or choose the uncrystallised pension fund lump sum (UPFLS) route – or indeed, do a combination of all four.
We also advise on later life planning and long-term care and look at ways to use your home to finance your retirement.
As you can see, proactive retirement planning is so much more than just thinking about your pension! And done well, it can make a real difference to your future. We know the market inside out and can help with all the options above so that you can make sense of the many different policies available, enabling you to look forward to a stress-free retirement.
For further information and to get your own personal advice, contact us here.