Changes to mortgage interest relief and a surcharge on stamp duty for second homes has made many landlords to reconsider whether they should be renting or not. It would seem that property price growth has…
Planning for retirement
Many of us are now contributing to a pension following the requirement for employers to provide and contribute to a pension. However, very few people know whether they are saving enough to enjoy the retirement that they would like.
If you are lucky enough to have membership of a defined benefit pension it is likely that you will have some idea what the pension will provide you in retirement.
If you are not, we can help you calculate how much fund you need to build up, define what contributions and investments you might need to make to achieve it and identify the best arrangement available to you.
Once we have established what size fund is required to fund your retirement, we can build a plan to help you get there, including where you should be saving your money.
Your pension savings will almost certainly form the core part of your retirement income alongside your State Pension and other investments you may hold. We will work with you to look at the whole picture and build you a plan to target the income you require in retirement.
Making a start as early as possible will increase your chances of building a fund sufficient to meet your needs. We can help you explore how to make the most of your money through private pensions and other avenues such as investment.
A good pension arrangement can be a very tax and cost-efficient way to build up a retirement fund, but pension legislation is very complex and, over recent years it has changed regularly. It is important to understand all of your options and to avoid the potentially very costly mistakes than can result if you do not stick to the rules.
We can also review any existing arrangements you may have, consider whether transferring or consolidating them is in your best interest, explain your investment options and help you choose them and possibly reduce the charges you pay in the process.
At Retirement Planning
The concept of retirement has changed compared to what it was historically. More people are choosing to reduce their working hours and transition into retirement. The changes to how people take their pensions in 2015 have given retirees more choice than ever. However, it can be difficult to weigh up the different options and the associated tax consequences.
Under the new rules, those aged 55 with a defined contribution pension (a pension based on how much is paid in) can now access their pension in the following ways:
- Withdraw the pension in full or in part – All withdrawals will be 25% tax free and 75% taxable.
- Move the fund into drawdown – Up to 25% of the fund can be drawn as a tax-free lump sum and the balance can be used to provide a taxable income.
- Purchase an annuity – Up to 25% can be withdrawn as a tax-free lump sum and the balance is used to purchased an insurance contract that provides a guaranteed taxable income for a fixed term or for life.
This has provided incentive for those approaching retirement to plan ahead particularly as life expectancy increases and later life care becomes part of the financial equation.
We can review your existing pensions to help you understand what options are available from your existing contracts and what income your pensions can provide you in retirement.
If you are considering leaving your pension invested and drawing an income from it in your retirement, the volatility of the investments is as important as the performance of the investments because withdrawals from a volatile investment risk reducing the fund quicker than from a stable one. We can help you to build a suitable investment strategy to support your withdrawals in retirement.
WBW Chartered Financial Planners is a trading style of Centurion Wealth Management which is authorised and regulated by the Financial Conduct Authority (FCA). Registered in England and Wales Number 7001057. Registered Office: Channel Court, 8 Hill Road, Clevedon, Bristol, BS21 7NE. Registered in England and Wales.
Top tips on retirement planning
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