There comes a time when you stop working for your money and put your money to work for you. The decisions you make now could have repercussions for the rest of your life, which is why talking to one of our experts at Acumen can ensure you enjoy a long and prosperous retirement.
You probably have a number of different investments and other assets that can provide income in your retirement and perhaps also leave an inheritance for your family. There could be different pensions from different sources; state pension and pension entitlements accrued over the years, perhaps from several employers.
You may also have capital you have accumulated from savings or inheritances over your working life. Then you probably own your home, which may now be larger than you really need and you could possibly use some of its value to boost your retirement income.
Your income needs may also evolve as you grow older. For example, in the early years of retirement you may be happy to continue working part-time and so may need to draw less than the full potential income from your pensions and other investments for a while. But your income needs could start relatively high and then reduce as you get older, before rising again.
This could happen if you have an active but non-working early retirement with relatively high income needs, which then falls as you get out and about less, before increasing again if it turns out that you need care. The decisions you make when you retire should take these possibilities into account. You might also want to consider how to minimise the inheritance tax on your estate.
Some decisions you take for your retirement may be irreversible. For example if you decide to buy an annuity – although the Government has announced their plan to allow people to cash in their annuities, this has been put back to 2017 and there is no certainty as to how it will operate. Others, like the investment of a retirement lump sum, may need to be regularly reviewed. Making the right investment choices at retirement is so important that you owe it to yourself and your family to take professional advice.
How Acumen can help
Preparing for your retirement is complicated, with many different things to take into account. We can help you with your planning and, in particular, we can provide advice on:
- Cash flow planning.
- Choosing between annuity and income drawdown, and finding the best annuity rate if relevant.
- The best provider, investment strategy and income levels for drawdown.
- Managing your investments, including the pension lump sum, in a tax-efficient way that meets your needs.
- Inheritance planning.
It is often best to start your planning at least six months before your intended retirement date. Gathering all the relevant information, and weighing the various options, can be a slow process. So why not start the ball rolling today by speaking to one of our friendly and experienced advisers. Think of it as the first step towards securing your future financial freedom.
To discuss your retirement plans with one of our dedicated team please contact us today on 0151 520 4353 or email firstname.lastname@example.org .