1. Get Advice
A private pension assessment by an independent financial adviser, like Pension Works, does more than just give you peace of mind or present you with a list of figures. It can be a real help to your retirement planning, and could save you money. If your pension savings are being eaten up by hidden fees, a pension assessment will check if you’re getting the best deal. The financial adviser can also review your investments to check whether switching funds might earn you more money over time.
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Retirement planning is a complex process. As your retirement date draws nearer, it’s sensible to think about some key issues that will help get you off to the best possible start for the next stage in your life. Follow our simple tips below to give yourself peace of mind and, the best possible opportunity to make your pension plan work for you.
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A pension assessment should be a key part of anyone’s retirement planning. Now is the time to check whether your savings are growing as they should be.
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The days of spending your whole career working for one company – and paying into a single pension pot – are over. Auto-enrolment laws mean that many people have a number of smaller workplace pension funds and some larger companies offer defined benefit pensions too. As well as making retirement planning harder, this potentially loses you money. Pension Consolidation might not just make things easier but could be profitable, whether you choose income drawdown or an annuity.
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We’re sure you’ve heard the term pension drawdown; this is where you leave your pension fund invested and take income as and when you need it, instead of using the cash to buy an annuity as people did traditionally. As the money remains invested, the pension fund can continue to grow, even when you’ve retired.
Since pension reforms, introduced in 2015, more retirees have opted to take this more flexible option with their pensions, and the Financial Conduct Authority has reported that drawdown has become much more popular, with twice as many people moving their funds into drawdown rather than an annuity.
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Many people spend their working lives planning and saving for their later years. However, when they reach retirement they can be unsure as to how best to allocate their cash. This is where cash flow planning can really help.
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Today, savers reaching retirement have more choices than ever before about how they use their pension pots to fund their retirement.
Instead of simply using their pension money to buy an annuity that provides a guaranteed income for life, many choose to invest throughout their retirement years. The challenge this brings is to deliver a continuing income, while ensuring they don’t run out of funds later in life.
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According to research carried out for the Pensions Policy Institute, many pensioners are relying on their state pension for three-quarters of their income. It can come as a shock to many that their state pension entitlement increased to £164.35 per week from April 2018, but only for those who have a complete record of National Insurance contributions, meaning that some people will receive less. On top of that, the government announced last July that the state pension age would be increased to 68 between 2037 and 2039.
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The nights may still be long but the end of the tax year is fast approaching – so now is the ideal time to think about your pension. Here are six things you need to do to refresh your pension.
Step one: Forward planning
The most effective way to plan for your retirement is to think of it in terms of the lifestyle you aspire to and therefore the retirement income you will need to achieve that goal.
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There is an assumption that unless you’re going big and starting early, saving is a waste of time. That couldn’t be more wrong. Here are three reasons why even modest saving and small tweaks can make a huge difference.
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