The Mechanics of Retirement - What are my options?
Campbell Alexander Financial Management offers retirement planning advice and advice on your options at retirement so that you are prepared for the decisions that lie ahead. When you decide to retire, some of the decisions you have to make are irrevocable, so you must get them right first time. A person retiring at 60 may live for another 30-40 years. During this time, income needs may change, as may the health of you or your dependant.
It may be that you wish to gradually reduce your work commitments and supplement income from your savings and/or pension plan(s). We can advise you on the most effective and tax efficient way to do this. Most people tend to believe it’s all or nothing, work on, or retire fully. We can show you that’s not the reality of the choice you face – there is a halfway house if suitable.
Many people have the opportunity to take a 'tax free' cash sum from one or more of their pension schemes. For some, to take this is the right course of action, for others it is not. Once this decision has been made it cannot be changed.
Historically, retirement may have been funded from the income generated from an annuity purchased at the time of retirement. For many, this remains a good solution, but for others, particularly those with a mixture of other savings and investments, there is now greater choice. However, having more control over your retirement income entails more risk. We are able to advise you on the options available to you. Purchasing an annuity is an irrevocable decision, so advice is needed in order to get the best deal and the right features. Different types of annuities are now available; there are specific products available for individuals which could offer a better than standard annuity. These could be available to those with a medical condition, those who have ‘lifestyle’ issues, or even simply for someone who smokes. It could be the first time in your life, where it could actually be financially beneficial to be a smoker! – contact us, and see how.
Pension legislation is complicated and we offer expert financial advice so you know your options fully before you retire.
Important Notice
The way in which tax charges (or tax relief, if appropriate) are applied depends on individual circumstances and may be subject to change.
