Pre-Retirement Planning - Planning for Retirement, Retirement Planning Advice
01252 861380Pre-Retirement Planning
As a result of pension changes which came into effect in April 2006, you now have greater flexibility when planning for your retirement including:
- Higher maximum contributions into pension funds
- Wider limits on the level of income that can be taken from a pension fund
- Allowing you to keep working whilst drawing part or your pension if you want to
With life expectancy constantly improving, it is becoming more important to plan for the future if you are to have the lifestyle you expect in retirement. So, if you are reviewing your retirement planning position, you could:
- Use spare cash or any inheritance you have received
- Rearrange your existing investments for improved returns
- Save in options that are more tax-efficient
- Manage your own pension, so that you can take control of how and where your money is invested, and how and when you retire
With numerous changes to pension regulations over the years, you could be invested in a confusing collection of pension arrangements such as:
- Personal Pensions, Stakeholder Pensions, S226 Retirement Annuities
- Final Salary, Money Purchase, Group Personal Pensions
- Executive Pension Plans, Small Self Administered Schemes
- Paid Up Pensions, Personal Transfer Plans, Buy Out Plans
Do these plans represent good value and are they right for you?
It is vitally important to assess your own personal situation as well as the type of pension arrangements you hold, to ensure you are best placed to maximise the potential income your current pension plans can produce in your retirement.
Retirement planning should not be limited to pension arrangements alone, but should also include an assessment of non pension linked assets to make use of tax advantages open to alternative forms of investment. At Pensions & Wealth Planning, we take time and care to review clients’ wider financial situation to provide bespoke retirement planning solutions.