Many people don’t want to think about ‘becoming old’ but are looking forward to retiring from their jobs and enjoying the finer things in life full time. To maximise the ability to enjoy these finer things there is a degree of planning and organising to ensure that when you get to your golden years you can really make the most of them.
Balancing your likely short, medium and long term capital and income requirements and then structuring affairs to ensure your income and lifestyle expectations can be met, as tax efficiently as possible is a very important part of the planning.
From April of this year new pension rules came into place giving you two options when you retire, either, take 25% of your pension savings immediately tax free but then be taxed for every withdrawal from that point on or instead keep all your money invested and take 25% tax-free every time you make a withdrawal with the remaining 75% taxable on that withdrawal. According to ‘This is Money’s’ latest report, savers who don’t take the lump sum and leave their money invested could be £64k better off and pay less tax.
Managing decisions such as, how best to take your pension, how to deal with any outstanding debt and ensuring your Will is valid and up to date can be difficult to deal with alone. Which is why our team of retirement planning specialists are here to help you to consider the options available and guide you to discover what best meets your needs.
Whether you’re just at the stage of exploring your options and planning what you could do with your golden years or whether it’s about to become a reality so action is needed, seeking advice early will often lend to a better result. If you’d like to find out more please get in touch.