There comes a time when you stop working for your money and put your money to work for you. For most people, that is retirement.
The decisions you make then could have repercussions for the rest of your life, and in recent years there have been some major changes to the retirement choices you can make with your pensions.
You probably have several different investments and other assets that can provide income in your retirement, and that you may perhaps also wish to leave to your family. There could be different pensions from different sources. You are likely to have a state pension and other pension entitlements that have built up over the years, perhaps from several employers.
You may also have savings and investments you have accumulated over your working life or from inheritances. You probably also own your home, which may now be larger than
you really need, and you could possibly use some of its value to boost your retirement income.
Some decisions you take for your retirement may be permanent, for example, if you decide to buy an annuity. Others, like the investment of a retirement lump sum, may need to be regularly reviewed.
Making the right investment choices at retirement is so important that you owe it to yourself and your family to take planning seriously.
Preparing for your retirement is complicated, with many different things to consider. We can help you with your pension planning and, in particular, provide advice on:
● Cash flow analysis.
● Choosing between annuity and flexible income drawdown.
● Helping you tailor your pension income strategy to meet your needs.
● Where applicable, identifying the appropriate provider, investment strategy and income levels for flexible income drawdown.
● Managing your investments, including the pension lump sum, in a tax-efficient way that meets your needs.
● IHT and estate planning.
The guide below will help you understand the key issues and decisions that will affect your income after retirement.