Your Options In Retirement
As you approach retirement, now is the time to allow your mind to consider all the opportunities and adventures this next time of life could potentially bring.
It’s a culmination of all your hard work to date where you’re now able to spend more of your time on the things that bring you the most joy. However, there’s also likely to be some degree of trepidation and a sense of responsibility.
It’s important to make the right choices to ensure that your money lasts as long as you do and that you’re able to fulfil all the dreams you’ve had as you’ve been saving.
There’s a lot to consider and this is why you don’t have to do it alone. Your financial adviser will be there with you throughout this next stage of your financial life and will be able to take things at the right pace for you.
Your retirement income may come from several different sources, for example
- your personal and/or workplace pensions,
- your state pension,
- your property / properties,
- any ongoing salary from work as you transition into retired life, and
- your other savings and investments.
This provides every individual with different choices, all of which have different tax implications and most of which can be deferred or taken immediately depending on your personal circumstances.
What is right for you is subjective, but understanding your options and having your Cheetham Jackson adviser there to make this complex world simple is key.
A pension is a long-term investment not normally accessible until age 55 (57 from April 2028 unless the plan has a protected pension age). The value of your investments (and any income from them) can down as well as up which would have an impact on the level of pension benefits available. Your pension income could also be affected by 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. You should seek advice to understand your options at retirement.