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.
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Self-Invested Personal Pensions
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.
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.
Minimising potential taxes and duties on your death
IMMEDIATE ACCESS TO YOUR PENSION FUNDS, ALLOWING YOU TO TAKE OUT WHAT YOU WANT, WHEN YOU WANT IT
As your wealth grows, it is inevitable that your estate becomes more complex. Money saved via a pension can be passed on to a loved one, usually outside their estate and free of any death tax, provided the pension fund has not been touched and they die before age 75. People fortunate enough not to need immediate access to their personal pension may therefore decide not to touch those savings for as long as possible.
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’.
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.
Safeguarding your income and family wealth
We can help provide significant peace of mind to you and your family
What would happen to your family if something were to happen to you or your partner? We all want to protect what’s important to us. And while most people recognise the importance of taking out insurance to cover valuable possessions such as their homes and cars – even pets – far fewer have sufficient protection in place to protect themselves or their families should something unexpected happen to stop them earning income.
Tax-efficient investing made easy
Don’t miss out, start reviewing your options now
An Individual Savings Account (ISA) is a tax-efficient ‘wrapper’ designed to go around an investment. You’ve got until 5 April 2014 to use your current 2013/14 tax year annual ISA allowance before you lose it forever.
Are you making the most of your finances?
Keeping your tax bill to a minimum is not a matter of aggressive or complex tax schemes
During this period of austerity, why pay more tax than you need to? Sensible tax planning is an essential tool in making the most of your finances. Keeping your tax bill to a minimum is not a matter of aggressive or complex tax schemes, but rather of identifying which of the many tax reliefs and allowances specifically granted by law are available to you.
Why it pays to be smart when planning your legacy
Ensure your inheritance goes to loved ones and not the taxman
Inheritance tax (IHT) is becoming an issue for an increasing number of people in the UK. None of us likes to entertain the thought of our own death and what would happen to our family after such an event. However, a financial plan for your death is vital, especially if you have dependants.
