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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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