Are you approaching retirement? You may be starting to think about reducing your work hours or even fully retiring. You may also be looking at how your pensions can support you with this.
It is never too early to start thinking about retirement planning.
With the average life expectancy standing currently at age 82, careful retirement planning is essential to ensure longevity of pension income to ensure that it is not exhausted prematurely.
As an Independent Financial Adviser with Temple Wealth, Paul Davis would like to share a sample of the questions and subjects of discussion that are held with clients on a regular basis:
- When can I afford to retire?
- How much can I expect as an income in retirement?
- How much can be taken as Tax Free Cash?
- How much income will be realistically needed?
- How long can pension income be expected to last?
- How much can I expect from the State Pension?
- When is the state pension payable?
Currently the State Pension is £203.85 per week, and for many of his clients payable at age 67. Though not everyone wants to wait until State pension age to retire. It is common to wish to scale back work earlier and start taking life easier. Therefore pension funds could need to last around 30 years.
A solid retirement plan needs to be in place to facilitate this and make the most of your hard earned pension income.
Far more flexibility is now available in the ways and means in which pension income can be accessed since the introduction of the Pension Freedom Reform act in 2015.
It is crucial that professional advice is taken to ensure the correct route is taken.
At Temple Wealth Management our pledge is to ensure that each client receives a bespoke plan, following in depth discussions surrounding goals and objectives, the plan will be implemented and most importantly reviewed on a regular basis to ensure that it remains on track.
To find out more about how Paul can help you with your retirement plan call the office on 01329 282882 or send a message to our Contact Us or Facebook page. Paul would be delighted to hear from you.