With so many different financial options available at-retirement, it is now more important than ever that you have the right knowledge to make informed decisions. It is beneficial to list all your assets to work out what you have and what they are all worth. In addition to your pensions which may include defined benefit (final salary), and defined contribution (money purchase) pensions, you may also have other assets such as ISAs, shares and general savings. All of which should be considered as potential sources of retirement income.
Although making the right investment choices when saving for your pension can have a huge impact on the value of your pension pot when you retire, of equal importance is the retirement income option(s) you choose.
If you are a member of a Money Purchase pension scheme, such as Defined Contribution (DC) pension scheme, there are a number of options available to you when you come to take your retirement income. In April 2015, changes in pension legislation called ‘freedom and choice in pensions’, allowed individuals with a DC pension far greater access to their pension savings. Whilst these freedoms are a positive change, the options available can seem complicated.
my wealth offer expert guidance and advice on retirement income options such as annuities, drawdown or a combined approach and will help you to maximise your retirement income, creating a tax efficient and flexible retirement plan to meet your goals in retirement. Whatever help you require, we’ll consider all the necessary factors including your personal circumstances and attitude to risk to ensure that you make the right choices for your retirement.
So, if annuity is recommended as your most appropriate retirement income option, our Annuity Broking Service will help you find the most appropriate annuity; and if drawdown pension is recommended, we can provide it through our Self Invested Personal Pension. Whatever guidance and help you require, we’ll consider all the necessary factors and your personal circumstances and attitude to risk to ensure that you make the right choice for your financial future.
Ask about our Annuity Broking and Advice services.
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