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One thing we have in common is that if we live long enough we will retire. The government may provide part of the income we need, however for the vast majority of us further income is needed.
We only get one chance to fund for retirement; there is no going back for another chance. The sooner we start the easier it will be.
There are many methods available to us in order to save for retirement. Some people will sell property; others may use bank accounts, savings and investments. The usual and most tax efficient method is via a pension plan, this is due to the government allowing tax relief on contributions.
If you are employed your employer may have a company scheme.
If you are self employed you may need to make your own plans to fund your retirement yourself.
No matter which situation you find yourself in, the questions you need to ask yourself are the same:
How much income do you need at retirement?
When and how much income will you receive from the state?
How much will you receive from any private arrangements you may have?
If you do not know the answers to the above questions it is vital that you find out. Park Row Independent Financial Advisers are able to help you gather this information. If you have a shortfall in expected income you will need help to fill the gap.
Please click here to make an enquiry
Annuities - are the financial vehicles that provide income in retirement. You purchase an annuity using the accumulated funds of your pension plans. The annuity provider - which doesn’t have to be the company with whom your pension was invested - supplies a pension for life in exchange for your pension fund. There are many providers and options available and pensions legislation relating to what people can and can’t do is complex. The purchase of your annuity is fundamental to retirement planning and specialist advice is strongly recommended.
Whatever your situation one thing is for sure – it’s unique. There are many different ways to boost retirement income; you need to make sure you choose the right ones to meet your own requirements. However much research you do yourself at some stage you’ll need professional advice. Independent advice is essential.
Please click here to make an enquiry
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