Planning for retirement is by no means an easy task.
- You will be told that you need to start early – but can you afford it?
- How much will you need, when will you need it and how long for?
- Past performance is no indication of future returns. Which investments to choose?
- Good news! You have just been auto-enrolled. What does that mean?
What do you do when you get there
The UK Government has recently simplified Pensions. It is likely that the simplifications will require careful planning.
In March 2014 Chancellor of the Exchequer, George Osborne announced a number of significant changes to the ways that you can access your Pension and how it will be taxed at death. There are further changes that have come in affecting how much you can pay into your pension each year which is effected by how much you earn and your adjusted earnings. So much for pension simplification! These are just some of the facts you need to be aware of as you build your pension pot, to avoid paying tax you may be able to avoid.
Pensions freedom legislation is designed to provide flexible pensions giving savers greater control over their money going into retirement. Although the Chancellor also announced that access will be given to free and impartial advice it is likely that more complex circumstances will need additional focus.
- How to utilise Pension funds in the most tax and cost efficient manner
- Ensuring that there is enough to last for the rest of your life
- Making sure that any excess funds are positioned to enable the greatest benefit to your beneficiaries
Gaining the right information on these changes can make all the difference in making the most of your retirement. Contact us now for a more personalised discussion as to how the changes will impact you.