Maybe you’re thinking of retiring soon. Maybe you’re delaying it for a few years. Perhaps you’re going to partly retire but continue working a little bit. Whatever you’ve decided, it makes sense for you to begin thinking about the choices you have and how you can make them work for you.
More choice, more freedom, more decisions
In his 2014 Budget, George Osborne announced that he would abolish all restrictions on how we spend our pension savings. These changes became effective from April 2015. Good news? Maybe. More freedom of choice is good as long as you know what choice to make. The right choice can make your retirement; the wrong choice could damage it.
Using your retirement fund
There are many ways of using your retirement fund to give you the income you need. There are also many questions you need to consider before you can decide what is best for your unique needs.
- Do you draw on your retirement fund like a bank account?
- Do you opt for a guaranteed income for life?
- Do you need a lump sum?
It’s important to know what your ambitions are as you may be retired a long time. You may need to make your savings last thirty years or more; this means you must make the right choices so you don’t run out of money.
Making the right choice
So how do you choose the best way of using your retirement fund?
You need to decide how much income you need. But you also need to understand how much income you can have – the size of your retirement fund will determine this. You also need to decide how to structure your retirement income in the most suitable way. This is where I can help you.
THE VALUE OF INVESTMENTS AND PENSIONS AND THE INCOME FROM THEM CAN FALL AS WELL AS RISE.
I take pride in offering a personal service that takes into account your individual circumstances. Your financial situation is unique, so I work hard to understand your goals and aspirations, and make financial recommendations based on a comprehensive and detailed analysis of your needs.
If you want to start looking at your retirement choices and you want help deciding what to do and how to do it, call me on 01227 283186, or e-mail firstname.lastname@example.org
TAX TREATMENT VARIES ACCORDING TO INDIVIDUAL CIRCUMSTANCES AND IS SUBJECT TO CHANGE.
Tax planning is not regulated by the Financial Conduct Authority.