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Saving for Retirement
With life expectancy
increasing, the need for an
adequate pension to ensure a
comfortable retirement has never
been greater. The State Pension
should only ever be regarded as
a supplement to your retirement
income and it's never too late
to start saving. Whether you
have never saved into a pension
or if you would like us to
review your existing pension
arrangements, we can help you to
develop appropriate strategies
for a financially secure
retirement.
Approaching Retirement
Under current rules, pension
benefits can normally be
accessed from age 55, even if
you are still working. As you
approach your chosen retirement
date, there are a number of
options available to you and it
can be a confusing time. In
addition, you do not need to
take your retirement benefits
from your existing pension
provider; it is often possible
to obtain better rates by
shopping around.
You will need to make some
important decisions such as
whether you wish to take your
tax free cash. You need to
consider if you wish to purchase
an annuity, which provides an
income for life, and whether you
wish to provide for a spouse
should anything happen to you.
If you have any existing medical
conditions, you may be entitled
to an enhanced or impaired life
annuity which can provide you
with a higher level of income.
The value of your pension will
also be eroded by inflation and
you need to think about whether
you would like your income
payments to increase each year.
Another option is pension
drawdown, where it is possible
for you to access your tax free
cash and income, but your
pension fund remains invested.
Alternatively, you may decide
you wish to delay your
retirement altogether.
We can help guide you through
the range of options available
and help you decide on the most
suitable arrangement for you and
your family.
Please contact our Saltcoats
office on 01294 464301 to make
an appointment with a member of
our Financial Services Team.
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