Gilbert Stephens Financial Services – Plan Ahead for a Blissful Retirement
When you finally reach retirement, hopefully you will look forward to putting the stresses of a working life behind you and spending more time on what really matters. Recent news, however, has unveiled the financial burden retirement can inflict on people if retirement is not planned effectively. In fact, millions are currently at risk of retiring on incomes far less than the current national living wage.
Financial Services Manager from across our six offices, Wyatt Loake, explains how you can be better equipped for a long, happy and financially secure retirement.
First and foremost, the earlier you can start planning for retirement, the better. One way you can do this is to set up a pension plan. A pension is a long-term savings plan with tax relief which will help increase your savings more rapidly. Once you reach the age of fifty-five, you will have a number of options, you can choose to either leave your pension pot untouched, leaving it to grow for the future; utilise it to take regular income by withdrawals, or even take the whole pot as cash. It’s important to remember that only twenty-five percent of a defined contribution pension is tax free.
Another option is to purchase an annuity. An annuity is a fixed income paid to you each year and will make sure that your pension pot never runs out, as the annuity will last as long as you do.
With all the differing options, our team of experienced Independent Financial Advisers can help design a retirement plan tailored to your individual requirements.
If you need advice regarding retirement planning, get in touch with Wyatt Loake on 01392 346464 or email firstname.lastname@example.org .
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