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Whether you are planning to retire at a certain age or looking to reduce your workload to enjoy more time with family, more travelling or just less work thinking ahead and making plans can put you on the right track for the future you want.
Do you plan on giving up work completely, go part-time or try a new venture?
Will you be looking to move home or downsize, move nearer family or somewhere you have always dreamed of home or abroad?
Will be looking t take up a new hobby that you didn’t have time for or spend more time on what you like doing?
Will you be looking to take more holidays and travelling?
Will you be wanted to spend more time and money on your family? Children? Grandchildren?
It is always good idea to have a timescale even if it’s a rough idea of when you want to put your plans into action,
Your plans can always be amended to suit your changing views and financial position, the more you put away for the future the more options you will have in your retirement.
What will you receive and when from the State Pension? What other pension provision do you have in place?
Is there any employment pension scheme available and are you a member if there is?
Are you setting enough money aside now in order to have the best chance of affording the retirement you are planning for?
Here at Your Mortgage Solutions (Gorleston) Ltd, we can help you analyse your plans for your retirement.
Using our experience and knowledge we can help you understand your current financial position and establish where you at for funding your retirement we can help formulate plans moving forwards, review your existing plans to ensure suitability and offer ongoing support and advice as you move towards retirement.
You may already have an idea of how you intend to take your pensions in your retirement, but its worth looking at all the options available to you for added peace of mind.
Here at Your Mortgage Solutions (Gorleston) Ltd we can work with you exploring the pro’s and con’s of your options and with our professional expertise help you plan the most effective way ahead for you and your plans.
With Personal Pensions and Money Purchase Occupational Schemes ( Defined Contribution) you would normally have 3 main choices on how you can take benefits, you don’t have to choose one as you can combine the options in different ways to best suit your own needs.
Defined Benefit (Final Salary) schemes have different rules and options and we can explain those in more detail.
Receive an income for life normally monthly so you know what you will be receiving and when. There are different options with these, Increasing payments year on year, spouse or dependents pension, enhanced annuity where ill health is an issue.
This can allow you to take what you want when you want leaving the remainder to be invested for potential future growth.
The remaining funds upon death can be passed onto family or loved ones.
You can normally take 25% of fund as a tax free payment and leave the remainder for future use as a one off or a series of lesser amounts.
Partial withdrawals part tax free part taxable
Budgeting is vital to ensure that the funds do not run out if still needed.
It can reduce the amount you are able to continue to contribute into pension provision.
Take your entire pension pot in one go, with normally 25% being tax free and the remaining amount subject to tax at your marginal rate by way of adding to your income.
We are here to help you throughout ensuring that all options are discussed and that the most suitable way ahead is recommended and with the help of our ongoing service ensure you are always kept up to date as rules and regulations on pensions can change.
We provide professional advice from a wide range of investment solutions and ongoing service to help you achieve your financial goals.
There are range of policies available and we after a thorough review recommend suitable course of action to ensure you are covered.
We have access to exclusive deals across the mortgage market so whether you are buying you first home, moving, or looking to borrow additional funds we can help.