Sooner or later we will retire, and the decisions we make today are the ones that will determine the standard of living we will enjoy in the future. If you are approaching your retirement there are some very important choices you need to make that will determine how much income you live on once retired.
Category: Retirement
If appropriate to your particular situation, a Self-Invested Personal Pension (SIPP) could be another option to consider if you require the flexibility to choose where your pension money is invested. SIPPs are now also open to people of lower incomes – not just those with commercial property.
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Workplace pensions
MONEY IS USED TO PAY YOU AN
INCOME FOR THE REST OF YOUR LIFE
A workplace pension is a way of saving for your retirement that’s arranged by your employer. Some workplace pensions are called ‘occupational’, ‘works’, ‘company’ or ‘work-based’ pensions.
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Income drawdown
If you decide that you’re not ready to convert your pension fund into retirement income by buying a lifetime annuity, but you do need funds, you have a few options. These are often known as ‘income drawdown options’.
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Enjoy the time of your life
HAVE YOU GIVEN FULL CONSIDERATION TO YOUR LONG-TERM PENSION INVESTMENT STRATEGY?
Retirement planning involves thinking about your plans for the future now – that means investing your money with the aim of maximising its value ready for when you retire. Careful financial planning, the right mix of assets and starting sooner rather than later could all help lead to the retirement you are looking for. Many years ago the traditional view of saving for retirement was to simply put your money into a pension, with few decisions to make in the run-up to your retirement date and no choice over how the pension was taken.
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Pension schemes
Whether it’s a long way off or just around the corner, having a plan in place for your retirement can help you get the lifestyle that you want. The State pension alone won’t be enough to ensure a comfortable retirement so it’s important to review your options as soon as you can to make sure you can afford life’s little pleasures once you retire. When it comes to planning for retirement, time is your friend. The earlier you start, the longer your money has the potential to grow.
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Flexible Income Drawdown
In December 2010 the Government announced the introduction of a facility to allow unlimited pension income drawdown as long as members could satisfy a few requirements. This is referred to as ‘flexible income drawdown’ and has been available since 6 April 2011.
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Annuities
You’ve spent years putting money aside into a pension scheme, but what actually happens once you retire? Sadly, it’s not as simple as just withdrawing the money. You must now convert your pension pot into an income that will last you for the rest of your life, which is typically done by buying an annuity.
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Self-Invested Personal Pensions
If you would like to have more control over your own pension fund and be able to make investment decisions yourself with the option of our professional help, a Self-Invested Personal Pension (SIPP) could be the retirement planning solution to discuss.
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Consolidating pensions
Most people, during their career, accumulate a number of different pension plans. Keeping your pension savings in a number of different plans may result in lost investment opportunities and unnecessary exposure to risk. However, not all consolidation of pensions will be in your best interests. You should always look carefully into the possible benefits and drawbacks and if unsure seek professional advice.