Retirement

RetirementMost people when they reach retirement look forward to a long and prosperous life, enjoying the benefits of their hard labour.

Most people will retire on either a final salary pension or a money purchase pension annuity plus the state pension.

What is an Annuity and how does it work.

An annuity converts your pension fund into a retirement income.

After taking your tax free entitlement from your pension, the rest of the money in the fund is turned into an annuity which in simple terms means providing you with an income for life.

Choosing the right annuity is one of the most important financial decisions you can make. Making the right choice can make a significant difference to the money you will receive in retirement.

A lot of different factors can go into getting a better pension, health, age, gender and other factors.

State Pension

The state pension gives you a regular income once you reach the state pension age. It is based on your National Insurance contributions and the amount you get depends on how much you paid in.

The age at which you can claim the state pension is changing. It is currently 65 for men, but for women this is gradually increasing from 60 to 65. This affects women born after 5th April 1950.

You should always seek some pension advice when you are coming upto retirement.

What help can I get

Just collecting together the information of various pensions, protection plans and investments from years of work takes time. We will do this for you, assess your financial portfolio with you taking into account current performance, charges and your level of risk and personal preferences, then help you with your retirement planning.

Please call Jan on 01706 830678 for advice, or use our enquiry form.