retirement Planning
When we meet our clients for the first time, one of the first questions we ask is- what are you going to do once you retire?
Some have specific goals such as moving somewhere hot, some want to travel as much as possible, and some may just want to spend time with their family. Others unfortunately, don’t know what they want to do and hence they are more focused on their current situation and would rather worry about it in 20-30 years time.
However, unless you want to work for the rest of your life or rely on the state, retirement planning will be one of the most important parts of your working life.
The majority of us do have some form of pension plan, however the two most important questions that should be answered are- how much have I got now? And- will it get me what I want when I retire?
It’s only by answering these questions can we begin to start planning for your retirement needs.
Retirement planning does not necessarily mean pay all your money into a pension plan - there are lots of ways to fund for your retirement such as buying a second property, inheritance, building up capital in a portfolio or just putting money away in the building society. However the most tax efficient and flexible method is using some form of pension.
With all the changes over the years in pension legislation and market influences, pensions have become a complete minefield to financial advisers let alone clients.
At Generation Financial Services our advisers are highly trained with vast experience in assisting you plan for one of the most important events in your life in relation to-
- Defined Benefit/Final Salary Schemes
- Defined Contribution/Money Purchase Schemes
- Self Invested Personal Pensions (SIPP)
- Small Self Administered Scheme (SSAS)
- Personal Pension Plans
- Stakeholder Pensions
- Group Personal Pensions
- Personal Accounts 2012
- Pension transfers
- Section 32 Buy outs
It is so important to find out what you have in place already before we start putting in place a retirment plan for you and thats why [starting on a new plan so] we never recommend anything till we have the full facts on your current situation first. Being completely independent from any provider or panelled network allows us to fully research the market to fit your requirements and get you on target to fulfil your retirement dreams whatever they are.
Retirement Options
Congratulations on now having the choice on how to enjoy the money you have built up through the years with careful pension planning. So now you are here what do you do?
Ask your self-
- Do I need access to some of the capital?
- How am I taxed?
- What state benefits am I entitled too?
- What happens to my pension when I die?
- Does it rise with inflation?
- How much do I get every month? Is it enough?
- Do I want a fixed contract for the rest of my life?
Before any decision is made, all options need to be covered off and independent financial advisers experience in retirement options is vital.
We at Generation Financial Services will assist in the following-
- Maximising your tax free cash/ Pension Commutation
- Lifetime Annuities/ Single or Joint
- Impaired Health or Enhanced Annuities
- Short Term Annuities
- Unsecured Pensions using Income Withdrawal/Drawdown
- Alternatively Secured Pensions
- Phased Retirement plans
As we have highlighted before pension planning and the options at retirement is a minefield, we are all individual with different requirememnts and goals, we therefore need our plans to fit our personal requirements.
Let us at Generation Financial Services do all the research and planning around your retirement, and provide you with a truly independent bespoke retirement plan for life.
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