How can I plan for my retirement?
Pensions can sound a bit dull and dreary and it can be very tempting to put off saving into them. The time when everyone stops working varies tremendously from individual to individual and here at Glenrose we understand this requirement for flexibility.
People are living longer and are generally more active and therefore retirement planning can be a shifting platform. The key to advising on retirement is to have plans and discussions in place to cope with this ever-changing environment.
The idea is that a retirement pot is built up by investing over a number of years.
In retirement, you can then access your pension to buy yourself an income or draw on it. Most people usually start their pension through their workplace, but you can also set up and manage your own through a personal pension.
Making the most of a pension is your best chance of securing a decent income when you retire.
Some key questions to consider:
- Do you know how much you need to retire?
- Do you know how much you have in your pension pot?
- Have you considered the type of lifestyle you want after retirement?
- Should your pension plans be all together?
- What sort of income can I get from these?
- What is the tax position?
- How much can I pay into a pension plan?
- How tax efficient is my pension plan?
- Can I use my pension to assist my business or buy a property?
The review took into account my circumstances, my concerns and my aims. In particular I feel that it has got me back on track in terms of reviewing and understanding how my current pension arrangements are both performing and likely to perform. As a result of the review I will be using Steve for my future advice on pension planning.
Mr PE - Swadlincote (Business)