Pre & Post Retirement Planning
Retirement planning is an important part of your overall financial planning. The need to accrue sufficient funds to generate income for your retirement has never been greater - and the cost of delay in retirement planning has been well documented.
Retirement planning basically comes down to two elements. Firstly, planning in advance to help you generate the retirement income you want, and secondly, planning when you reach retirement. This involves reorganising your assets so that you can achieve the returns you need to support the lifestyle you want.
Pensions are currently one of the most tax efficient ways of saving for retirement, but due to consistent tinkering to the pension rules by successive governments, the options available are truly mind-boggling. This is where Kellands can help you. We can guide you through the pension maze to achieve the outcome you desire in retirement.
This is particularly the case since the introduction of the new pension freedoms in the 6 April 2015 Budget. These freedoms give you much more flexibility about when you can take your pension and what you can do with it. Because of the extensive range of options now available, you may well need retirement planning advice. However, whilst options such as income drawdown offer you a good deal of flexibility, you need to be cognisant of the risks, as our drawdown article explains.
Of course, retirement planning nowadays is not just purely about pensions. Isas come into the mix too and for an increasing number, equity release schemes are also becoming a serious option. Whilst these schemes are not for everyone, for homeowners who think holistically and consider their property alongside their other assets, equity release can help many live the retirement they want.
It's never too early to start thinking about your retirement planning. Even if you already have a pension scheme, you should have a regular review to ensure you are on course to achieve your desired level of retirement income. Once you reach retirement, you are then faced with some very important decisions on how best to access your pension benefits.
With the government increasing state pension age, and with people of pension age living longer, sound pension advice is essential.
Contact Kellands Hale now to discuss your pre and post retirement planning options.