What the pension changes mean
The new pension changes mean a whole new world of choice on how to draw income in retirement. With far greater access to pension funds, all savings will need to be considered (such as cash, ISAs and shares) and potentially that of partners if retirement income is to be optimised.
The pension changes will mean greater freedom, flexibility and choice; but it is important that you receive quality guidance and advice so that you can make a more confident and informed decision about your pension savings. This is where my wealth can help. We have a comprehensive service offering helping you to meet your needs– not just at the point of retirement but in the years leading up to retirement and beyond.
There are 3 simple questions you can address when considering retirement options:
What do I need to know?
This is crucial as you need to have a clear understanding of what options are available. You also need to be aware of the advantages and disadvantages of these options when taking into account not just pension savings, but also other savings, investments and assets which may be used to generate income in retirement.
You may have gained some understanding of this through the retirement seminar which you have just attended but if you would like more information, please contact us today.
What is right for me?
Often people need support to work through what is the correct personal decision or indeed the first of what may be a series of decisions in the lead up to retirement and throughout retirement. Assessing the full value of assets available for retirement income and critical questions, such as, “should I fully retire, delay my retirement, or do I take a flexible approach to retirement?” need to be considered. We can guide you through these various options and advise you on the most appropriate route having considered your personal circumstances and objectives.
How do I implement my chosen option (s)?
Whether that is some form of drawdown, annuity purchase, phased retirement or a combination of these options my wealth can help you to implement your chosen option(s).
There are options to consider and it is of course up to you whether you feel knowledgeable enough to make your own decisions or want to take advice. The decisions you make really are down to your unique circumstances; everything from your health, to where you live, what other assets you have, and whether you want to leave anything for your family or others, all need to be considered when planning for retirement.
If you would like to see examples on how the pension changes could affect you please click here, alternatively if you would like more information please contact us.