Coronavirus and Retirement Planning

If you are approaching retirement shortly, you may be concerned about the coronavirus’ effect on your pension and income options. Making the wrong decision now could have a huge impact on your future so getting advice is vital.

Our Retirement Income Planning Service will ensure that your plans are realistic, are thoroughly  researched and developed to suit your needs now and in the future.

Since April 2015, it has been possible to use personal pension plans to take retirement income in a flexible way. Now as well as using the pension to buy an annuity at retirement age, it is possible to leave part or all of the fund invested until it is needed.

There are many ways that we can structure a retirement income plan which means that we can meet the needs of most people wishing to gradually wind down their working life as well as those that want to stop at a specific age. With the state pension age being pushed higher, the ability to access funds earlier than this is welcomed.

Along with the decisions about how and when to take your pension, taxation is central to our advice. In retirement, the ability to add to your pension falls away so saving as much tax as possible is important. Making use of tax-free lump sum options and personal tax allowances can reduce the overall tax liability, meaning more money will be available for your retirement.

Components to our service will include:

  • budget planning
  • cash flow projections of future income and capital
  • analysis of all suitable income options
  • whole of market research
  • keeping tax to a minimum
  • annually reviewing your Retirement Income Plan

Do contact us if you would like to discuss your retirement plans further.