When planning for retirement the first question should always be how much do you need to fund your particular lifestyle when you are no longer earning from employment. Only when you know the answer to this question can you then sit down and work out how to fund it and more importantly at what age will you be able to achieve it.
Traditional pensions are one method, and have historically proved very popular due to the benefit of tax relief. However, this is not the only method, some people use their business, others have property portfolio’s. There is no right or wrong way, only the way that suits you.
But before you start, you need a plan. If you don’t plan for the journey how will you know when you have enough to live on for the rest of your life. Far too many people work till they drop, this is not a plan it is a waste of a life. One thing is certain, life rushes by, and before you know it another year has gone.
So whether you are saving for retirement or are due to retire in the near future, it is essential that you seek advice, the options are endless, and the decisions that you make will affect the rest of your life.
Never have the options available to those thinking of retiring been greater. However, the price to pay for this is the fact that it is now so complicated that trying to do it yourself can be quite daunting. We have created a guide to help, so please contact us and we will be happy to send you a copy.
Did you know that some pension plans have guarantees that can be lost if you make the wrong annuity choice and that some providers will pay you more if you have certain health conditions. You do not have to take the annuity from your current provider, so before you make a decision that will have to last for the rest of your life, give us a call it might just make a difference.