Retirement Support

With freedom comes choices

Thankfully these days we have far more freedom when it comes to what we want from our pensions. You can now access your pension from the age of 55 which is excellent news but with this new found freedom brings ever-increasing choice. So how do we make the right choices for our retirement?

From an annuity or flexi-access drawdown to phased retirement, the options are varied and complex. Considering your financial needs in early retirement to what you’ll require in later life will potentially be very different.

It’s about striking a balance between:

• Drawing an income to keep you in the retirement lifestyle you want
• Preserving capital for your later years
  and potentially…
• Providing for the future of a spouse or loved ones after you’re gone.

This calls for expert insight and guidance to ensure that you make the right choices for now and later.

How much money will I need for my retirement?

Everyone’s situation is different which is why we take the time to sit down and understand the needs and requirements for your retirement, both now and further down the road. We use Cashflow Modelling to give insight into how much money you are likely to need in retirement and whether you will be able to support your lifestyle going forward.

We will review your current retirement assets, from pensions to property and any other type of investment and this will give us the full picture of your position. We will then make our recommendations

What options are there for drawing my pension?

Whilst every pension is different most personal pensions and other money purchase pensions will offer you a variety of choices as far as your pension is paid.

You will need to decide whether you wish to take tax-free cash or to draw extra income. The vast majority of people opt for a lump sum but the choice is not always as clear cut if your pension offers enhanced levels of income or provides tax-free cash on unattractive terms. We will help you to make the right choice.

You will then need to decide how you draw the income from your pension that is not available tax-free. Those who require a guaranteed and regular income will prefer to opt for an annuity and we will help you find the right one with the best possible terms.

Those who want more autonomy over when and how much they can take will favour a Flexible Drawdown plan which will allow them to draw money as they require rather than it being a fixed income. A Flexible Drawdown scheme means that your pension stays invested until you decide that you want to draw money. You can make withdrawals as and when you need them and any remaining money will be left to your family when you die.

Deciding which option is best for you is entirely based on your situation. We take the time to help you choose the strategy or combination of solutions that is right for you.

Your retirement plan on track

No one knows just how long they are going to be around for which is why careful planning, monitoring and management of your retirement assets is crucial to ensuring you have an ongoing income for as long as you need it.

Your retirement assets shouldn’t stop working just because you have.

Good retirement planning means finding that balance between growing and retaining your retirement funds, while receiving the money you need.

In order to maintain this balance, you need continuous assessment of your options especially as your position and life changes. Assets Financial Services manage all aspects of your pensions and other income-producing assets. We ensure that your retirement strategy is suitable for your evolving needs, whilst also taking advantage of any tax saving opportunities.