Do you know the value of your pension pot?

Do you know the value of your pension pot?

The new pension freedoms place even greater responsibility on individuals to take control of their own finances. Since April 2015, individuals have been able to spend their accumulated pension savings in way that suits them.

Yet despite this most radical of changes to pensions in a generation, we regularly see people who do not know the value of their pension savings.

If you don’t know the size of your pension pot, you should initially speak to your pension provider and get a statement.  Taking control and knowing what you have can help you plan to make your savings work harder for you in retirement.

The new pension freedoms place a huge amount of responsibility on people to manage their own financial affairs and to make choices that will impact their standard of living in retirement.

This is not something that people can be complacent about.  So if you have any doubt, I recommend that you seek proper independent financial advice before making any decisions.

If you need our help finding out about your pension – Contact Us on 01384 671947.

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The value of your investment can go down as well as up and you may not get back the full amount you invested.

ISA vs Pension

ISA vs Pension – which is best?

ISAs (Individual Savings Accounts) are a popular way to save.  They are after all tax efficient and opportunities to be able to access your savings is appealing.  Whilst the additional tax-relief available with pensions has longer term benefits, this money can only be accessed once you reach age 55.

ISAs and pensions are two separate products but they can also be used alongside each other.  For example, you receive tax relief on contributions into your pension, not with an ISA and you cannot take benefits from your pension until aged 55, whereas ISA you can access any time.

Whether you are already paying into an ISA and/or a pension, it may be worth finding out about your options and seeing whether they can be more aligned. To help maximise your retirement savings.

Did you know the ISA allowance is now £20,000 per annum?  Add that to the annual allowance for pension contributions of up to £40,000.  That’s a combined allowance of £60,000 that can be used to reduce your tax burden and to build up a worthwhile retirement fund.

Although, you may think retirement is a long way off for it’s important that you make the most of your opportunities now and build up sufficient savings to support you through your retirement.

Contact us on 01384 671 947 for us to help you make the most of your ISAs and pension plans.  

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Investments and any income from them may fluctuate and can go down, there are no guarantees that you will make a profit. Pension income could also be affected by the interest rates at the time you take your benefits. Tax reliefs will be based on your individual circumstances, tax legislation and regulation which are subject to change in the future.

How To Choose Your Retirement Age

How to choose your retirement age

Many people are concerned or confused about their pension as they approach retirement age, or possibly they are thinking about retiring and have a few questions. We may be able to help bring clarity to your situation.

Choosing your retirement age will have implications on how much money you will have in your twilight years.

There is no doubting the subject of retirement is complex.  Factors such as the rate you drawdown funds,  annuity purchase or taking all you cash in one go all come into play.  Choosing when to retire may well boil down to a simple question:

Have you acquired enough money to give you the income you want when you retire?

With this in mind it is worth considering an action plan for your retirement.  This will detail your various pension plans, pension funds and your state pension.  Your outgoings can also be put on your action plan.  This provides clarity on how much disposable cash you will have when you retire.  The advantage of an action plan is that it makes your financial situation clearer to see.

Good financial advisers will ask you questions about how you plan to live when you retire.  The more extravagant, the more money you will require to sustain a lifestyle of this kind.  So define your lifestyle and possibly estimate how much you will need to sustain it.

In all instances it is worth seeking independent financial advice.

  For financial advice contact us on 01384 671947 or leave your details and we will contact you.

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A pension is a long-term investment. The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Your pension income could also be affected the interest rates at the time you take your benefits. The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation and regulation which are subject to change in the future.