This is not the most exciting of topics, unless you work for us. We love pensions, they have so many benefits that people are not really aware of. Over the years they have had very bad press which was largely deserved but the pensions of today have moved on a great deal.
They do have a variety of complexities but we feel this is balanced out by the benefits that come with holding some of your assets in a pension.
The main benefit is to provide you with an income in retirement. It is becoming more and more apparent that this is not going to be a luxury but essential in the long term for you to live on.
The cost of living seems to be growing and there are more demands on our income, the length of our working lives is getting longer and longer. The State Pension is already stretched to breaking point, with more people living longer and fewer people working to pay into the system, meaning the State retirement age could be set to age 70 and beyond! How many people want to work to this age, having worked hard all their lives?
it may not be about replacing your current income when you retire but allowing you to retire before the State Pension age and giving you flexibility and choices.
It is becoming more and more difficult to generate income, people are finding that they need a larger fund size to generate the income they need, let alone the income they want.
Retirement planning is not just about picking a product like a pension and that’s your income in retirement, it’s about looking at the bigger picture to maximise your income along with your tax position.
Current State Pension income for 2023/24 is £203.85 per week (£10,600 p.a), increasing to £221.17 per week in tax year 2024/25, assuming you have 35 qualifying years. Could you live on this alone?
Preventing this from happening is in your control and provides you with the ability to choose your own destiny. A pension is a ‘pot’ for you to save, in your own right, for your future. Even better still, pensions are a means for the government to give you money.
When you think of you own future what type of retirement do you want?
Once you have reached the point at which you wish to retire, how do you structure the money you have saved to provide the income you require.
There are so many options that major planning is needed to ensure the right option for you. Terminology like, Income Drawdown, Annuity, Phased Retirement can all be overwhelming when having to think about how your retirement income is going to be generated. There are pros and cons but these are different, for different people. There is no ‘one size fits all’.
How much risk, if any, do you wish to take with your future retirement income?
These are all questions which we can help you with.
This is not the most exciting of topics, unless you work for us. We love pensions, they have so many benefits that people are not really aware of. Over the years they have had very bad press which was largely deserved but the pensions of today have moved on a great deal.
They do have a variety of complexities but we feel this is balanced out by the benefits that come with holding some of your assets in a pension.
The main benefit is to provide you with an income in retirement. It is becoming more and more apparent that this is not going to be a luxury but essential in the long term for you to live on.
The cost of living seems to be growing and there are more demands on our income, the length of our working lives is getting longer and longer. The State Pension is already stretched to breaking point, with more people living longer and fewer people working to pay into the system, meaning the State retirement age could be set to age 70 and beyond! How many people want to work to this age, having worked hard all their lives?
it may not be about replacing your current income when you retire but allowing you to retire before the State Pension age and giving you flexibility and choices.
It is becoming more and more difficult to generate income, people are finding that they need a larger fund size to generate the income they need, let alone the income they want.
Retirement planning is not just about picking a product like a pension and that’s your income in retirement, it’s about looking at the bigger picture to maximise your income along with your tax position.
Current State Pension income for 2023/24 is £203.85 per week (£10,600 p.a), increasing to £221.17 per week in tax year 2024/25, assuming you have 35 qualifying years. Could you live on this alone?
Preventing this from happening is in your control and provides you with the ability to choose your own destiny. A pension is a ‘pot’ for you to save, in your own right, for your future. Even better still, pensions are a means for the government to give you money.
When you think of you own future what type of retirement do you want?
Once you have reached the point at which you wish to retire, how do you structure the money you have saved to provide the income you require.
There are so many options that major planning is needed to ensure the right option for you. Terminology like, Income Drawdown, Annuity, Phased Retirement can all be overwhelming when having to think about how your retirement income is going to be generated. There are pros and cons but these are different, for different people. There is no ‘one size fits all’.
How much risk, if any, do you wish to take with your future retirement income?
These are all questions which we can help you with.
What your retirement looks like is in your hands, it not just about having a pension ‘pot’, it’s about using all your available assets for your future.
