Pension and Retirement Advice
Some questions that you may be asking yourself:
- What will I live on live on after I have retired?
- How much money am I going to need?
- And how long will I need an income for?
- These are some of the main reasons for seeking pension advice
Starting a Pension
The first Rule one for starting a pension is: the earlier the better, however better late than never. An early start will give more time time for compound interest to work its magic – a small contribution when you are young is worth much more than a large contribution in later years . Remember too that every pound you pay into a pension is boosted by tax relief at your marginal rate. So get some tax back, you are entitled to it!!!!
If you are in employment then you should have access to a workplace pension, which all employers must now offer by law. However, if you are self-employed then you will have to set up a personal pension.
Everyone with a defined contribution (money purchase) pension now has been given full access to it from the age of 55. Up to 25 per cent of the pot can be currently withdrawn tax free ( If resident in the UK), with the remainder of your pot taxed at the individual’s marginal rate. Do you know the current value of your pension pot? There are numerous options including:
- investing for income
- drawing out lump sums
- purchasing an annuity
- or any combination that suits your needs in retirement.
- Giving the need for good Independent Financial advice, such as the advice from “All Saints Financial Solutions”.
The Government has created Pension wise To help you explore the various options open to you. This service is a free service offering guidance on what is available under pension freedom rules. However, it is not advice, and neither can they recommend which of the options are most suitable for your particular circumstances. For this you will need to consult an independent financial adviser.
All Saints Financial Solutions can help you with all aspects of pensions and retirement planning, whether you are just starting to invest in a pension, or approaching the stage in life when you will need to use it. Have a look at this retirement checklist for an idea of the questions you should ask us at All Saints Financial Solutions.
All Saints Financial Solutions
Northants, England NN2 8QX
Tel: 01604 245 486