Planning for your Retirement and Pension
The constantly changing pension landscape, along with the shifting economic climate and improved life expectancy, means any choices made now could have a significant impact at retirement. It is essential to receive expert and professional advice on your pension plans and requirements especially in an ever changing world of legislation.
If you need to set up new plans or reassess existing retirement planning strategies, Hall-Ward can assist with ways to help you make the most of your retirement opportunities.
Many clients already have some pension provision but have not reviewed this for many years. Hall-Ward are able to look at your current retirement strategy and we can assess how it fits your current financial position.
Start Planning for your Retirement Today
Planning for your retirement is ideally started well in advance, key questions to consider are when you would like to retire and the standard of living during your retirement. With the recent changes to pensions allowing more flexibility for access an effective plan could be the difference between early retirement or continuing to work for longer. The importance of a good, well thought out retirement plan cannot be overstated.
We can help you decide how much you should be putting into your pension. If you have several pensions that are scattered around with different companies, we can help to review these.
Hall-Ward offer various solutions such as assisting with stakeholder, personal and self-invested pensions (SIPP) and can help in selecting the best option for your situation.
Hall-Ward can also provide independent advice for clients looking to retire who are looking to maximise their retirement income using options such as income drawdown and annuities.
· State Pensions
· Occupational Schemes
· Personal Pensions
· Self-Invested Personal Pensions (SIPP’s)
Your individual circumstances can affect the amount you receive from your state pension, recent changes have pushed back the age of retirement for both men and women. You accrue the pension throughout the course of your working life but it many cases the amount received is often far less that most people would be comfortable living on.
These are pensions setup by employers, you may or may not have to contribute if you join the scheme however, it is usually advisable.
A personal pension is a tax-efficient savings plan designed to give you a tax-free lump sum and taxable income upon your retirement. These are available for UK residents under the age of 75. You can often take some pensions benefits from the age of 55. These are a type of defined contribution pension scheme and provide a flexible way of building up retirement income benefits, whilst still benefiting from the tax advantages. You can take Personal Pension whether you are employed or self-employed.
Self-Invested Personal Pensions (SIPP’s)
SIPP’s are a type of Personal Pension that work in a similar manner but allow far more flexibility as to what your pension can invest into, and if appropriate can form an important part to a client’s retirement portfolio.
A pension is a long-term investment. Your eventual income may depend on the size of the fund at retirement and future interest rates
When you take out an investment product your capital is at risk and the value of your investments can go down as well as up, so you could get back less than you invested. The tax treatment depends on the individual circumstances of each client and may be subject to change in future.
Income Withdrawal Plans are complex. It’s a good idea to get professional advice because what you decide now will affect your pension income for the rest of your life.